Preparing & Filing IRS Tax Returns for US Expats
If you’re a US citizen or “US person” (Canadian or other citizen with US status such as a Green Card) living in Canada, you must remain in compliance with all US tax laws and regulations. This means that you must file a US personal income tax return every year. Even though Canada and the United States have a tax treaty, one which allows most income to be taxable in the country of residence (i.e. Canada) and not to be double taxed, it’s important to keep filing US personal income tax returns with the IRS. Whether you have no US tax burden or you have taxable income in the US, full compliance is key.
At Smith & West we have Ottawa-based US personal income tax experts on our team of chartered professional accountants. We prepare tax returns for many US expats in Canada each year, as well as Canadian citizens who still have status in the US that requires tax filing.
Why Your Small Business Needs a Tax Accountant in Ottawa
Accounting is a crucial business function when beginning a small firm. It gives business owners the clearest insight into the performance of their operations. Additionally, for tax and regulatory reasons, entrepreneurs must maintain a wealth of records of their small businesses.
- Forecast Business Outlook
Entrepreneurs typically draft a business strategy that contains financial reports, an economic outlook, and projected expenditures. Lenders and investors rely largely on this accounting information to make sure that the business owner has a clear understanding of the expected financial results.
- Plan Budget
Making a budget is a crucial accounting task when beginning a small business. Budgets lay out the costs associated with various business activities. Businesses may set aside money for recruiting staff, marketing plans, stock purchases, and other forms of business expenses. Entrepreneurs can save money by adhering to a budget and avoiding spending it on non-essential business expenditures.
- Determine Revenue and Profits
Most often, a business will gauge its profitability through accounting. Businesses must determine how effectively they are employing their resources to produce services as well as how the cost of their inventory compares to their profit margin.
- Gain Insight
Small businesses may seek guidance from a certified public accountant. They offer a wealth of education, expertise, or skill when assisting entrepreneurs in arranging their business accounting processes. Business owners may also want expert advice when submitting tax returns and making sure all business-related expenses are covered at year’s end.
Grow Your Business With an Ottawa Small Business
Our team of chartered professional accountants at Smith & West develops tailored strategies to meet the requirements of your company. We do this by using in-depth expertise of the most recent CRA laws. You can trust that we always have your best interest and bottom line in mind. We’ll work with you to integrate tax consulting and advising services into the bigger financial picture of your small business.
Why Choose Smith & West as Your Accounting Firm
We are your trusted team for accounting, tax, & consulting with integrity, quality, and professionalism.
Your Team of US Tax Professionals in Canada
US tax code is a highly complex and challenging field. It applies to all US citizens living in and outside of the US, as well as to people in other countries holding Green Cards and other status (even to many who have renounced US citizenship). The long arm of the IRS certainly extends to Canada, and it can catch up with people when they attempt to enter the US with unresolved tax issues such as unpaid taxes, not having filed taxes annually, improper documentation and other outstanding tax matters.
Don’t get caught unaware or unprepared. Hire Smith & West to represent your US personal income tax matters. From US personal income tax preparation to negotiating with the IRS, our US tax experts are here to help.