For those in doubt about whether they can claim Canadian charitable gifts may claim charitable gifts on their US taxes, there can be no doubt that the answer is a resound: “Yes!” Thanks to the generosity of my wife, I have been able to zero out my 2010 tax liability in the United States with our donations to my church and other Canadian registered charities.
Daily Archives: April 27, 2012
No one can serve two tax masters: How I zeroed out my 2010 US tax return using TaxAct (UPDATED)
I finally figured out how to zero out my taxes using TaxAct. I consider doing a tax return a game that expensive accountants and their clients play in order to create either a zero tax return or even better, to get a refund. I figured that I just needed to continue playing with TaxAct until I owed zero tax. That way I could just send my 2010 and 2011 retunrs with the completed Form 8854 and be done with the IRS, once and for all time. My problem is that nearly half of my income is unearned, passive income that is not counted in the Foreign Earned Income Exclusion (FEIE).
Poll: will notorious tax cheat Timmy Geithner violate Internal Revenue Code 6039G(d) for the eighth time?
Treasury Secretary Timothy Franz Geithner has just one business day left to avoid breaking the nation’s tax laws for the eighth time since taking office. (And that’s just counting the times for which there’s publicly-available evidence.) Continue reading
Breaking Ranks
Beautiful Souls is the main title of a new book that I’ve just finished reading. The subtitle lets you know more of what the book is about: Saying No, Breaking Ranks, and Heeding the Voice of Conscience in Dark Times.
MD Physician Services Funds (Canada) on FATCA
Interesting page of at MD Physician Services Funds on their compliance with FATCA. Indicate “current” position is to comply given the devastating financial consequences of not doing so however, they admit to significant client pushback on the issue. Currently discussing the issue through Tony Clement (head of Treasury Board). Given the somewhat cooperative nature of the organization they may very well be in “play”.
http://mdm.ca/news/2012/fatca.asp
http://mdm.ca/news/2012/pre-budget-consultation.asp
Further info: MD Physician services is actually controlled by the Canadian Medical Association which is on record as opposing FATCA although for now their financial services subsidiary says they are going to comply. I personal think they should have a vote at their annual meeting.
