US Canada Tax and International Tax Consultant

CPA firm specializing in US Taxes, Canadian Taxes and International Taxes. Our offices are located in Wilmington, Delaware and Toronto, Canada. Our services include but are not limited to international tax consultations regarding individuals or entities operating in more than one country,

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US Taxes - US Citizens Living Abroad

US Citizens are required to file a federal income tax return whether they are living inside or outside the United States. The deadline to file an income tax return is June 15 if the Taxpayer is living outside the United States.

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Canadian Corporations Providing Services in the US

Canadian Corporations Providing Services in the United States must file Foreign Corporate Tax Return or Form 1120F. Form 1120F is due on June 15 and must be prepared based on calendar year end.

Canadian Corporations are normally in a good position to save thousands of dollars in social security taxes if the entire tax situation is handled correctly.

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US Taxes - International and Nonresident Taxes

Nonresidents who own rental properties in the United States must file an income tax return. For these types of returns, due date to file the return is June 15.

Nonresidents who wish to file an income tax return must obtain Individual Taxpayer Identification Number (ITIN). For more information, please call us.

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C  Corporations

In the United States, when you incorporate a business, it is called a  "C" Corporation i.e. all the corporations start as "C" corporation.

 Please find below Tax Rate Schedule for C Corporations:

Tax Rate Schedule

If taxable income (line 30, Form 1120, or line 26, Form 1120-A) is:

Of the

amount

But not

Tax is:

over -

Over -

over -

$0

$50,000

15%

$0

$50,000

$75,000

$7,500

+

25%

$50,000

$75,000

$100,000

$13,750

+

34%

$75,000

$100,000

$335,000

$22,250

+

39%

$100,000

$335,000

$10,000,000

$113,900

+

34%

$335,000

$10,000,000

$15,000,000

$3,400,000

+

35%

$10,000,000

$15,000,000

$18,333,333

$5,150,000

+

38%

$15,000,000

$18,333,333

-

35%

$0

Qualified personal service corporations are taxed at a flat rate of 35% of net profits.

Double Taxation

When C corporation distributes its tax paid net income to its shareholders, the distributions gets taxed again as dividend income on the shareholder's return.

Hot Topic with IRS - Reasonable Compensation

The IRS uses various factors to determine if the compensation paid in closely held corporation is excessive.  If a shareholder receives unreasonable high amounts of salary, then the IRS may deem a certain portion of the salary amount to be distribution.  This would mean reduction in expenses on the corporate side and taxability of dividend income on the shareholder's return.

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US-Canada Tax Experts , 1201 N. Orange St. Suite 7040, Willmington, DE 19801
Phone: (800) 269-0183 | Email: consult@n49taxes.com
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