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Tax Tips - Personal Tax Returns: United States
UNITED STATES SOCIAL SECURITY INCOME
As of 1999, United States Social Security payments are included on your tax return, with a 20% deduction included on your Canadian Tax Return. The United States will no longer take any withholding tax on the amounts you receive. You will be required to convert the US dollars to Canadian dollars.
REQUIREMENT TO FILE UNITED STATES INCOME TAX RETURNS
Individuals who live in Canada who have US citizenship are required by United States to file income tax returns with IRS. Most income that is deemed to be taxable in the United States will result in a tax credit in Canada and income taxed in Canada will be subject to a tax credit in the United States.
If you are a US Citizen, you must file a Form 1040 each year with the Internal Revenue Service, regardless of where you are living. If you are in a transition year from one country to another, regardless of citizenship, there are some complex residency issues that need to be resolved before correct income tax returns are prepared and filed.
Non-resident tax returns may need to be filed if you are normally resident in one country and earn or receive income from the other country.
Storoszko & Associates US Tax Services, completes and prepares the personal US tax returns - both federal and state.
UNITED STATES GAMBLING WINNINGS
It is important that US citizens and individuals who have had gambling winnings in the States see the tax specialist at Storoszko & Associates, US Tax Services. Individuals who have had Gambling winnings in the United States that have been subject to withholding of income tax at source can now file a US Income tax return to obtain a refund of all or part of the tax withholdings. The gambling winnings can be reduced by the expenditures for gambling for the whole year as they are expenses made to earn the winnings. It will be important in the future for individuals gambling in the United States to obtain valid receipts for the money spent on chips. Contact the tax specialists at Storoszko & Associates to determine if you qualify and to identify all expenditures that are deductible.