Serbinski Accounting Firms

Do we need to file amended return for last years with State too? Only related thing I find for NJ is:

"If the IRS changes the amount of your federal earned income credit, which changes your New Jersey Earned Income Tax Credit, you must file an amended New Jersey return."

Thanks.

Thanks!! We thought either Schedule C or E is good. But now we understand Schedule E is the right way to go for our scenario. Schedule E: Landlords should use Schedule E if they rent rooms, apartments, buildings and provide only basic services to tenants. Schedule C: If landlords provide more than b...

Last year we did sch C. This year will go for sch E.

Should we make two separate sch E or one combined will suffice?

Thanks again.

Did you actually mean Schedule C OR Schedule E? Isn't by filling both Schedule C and Schedule E for the same Canadian rental property, I am declaring the same income twice? Second question, when I use TAXACT for Schedule C it automatically creates Schedule SE in addition to Schedule C. Any idea why ...

Hi, I am doing rental income from Canada in following way. For CRA: 1. Submit separate statement of Real estate rentals for me and my spouse. 2. Submit separate S216 both for me and my spouse. For IRS: 1. 1040 joint 2. Separate Schedule C for me and my wife. 3. Long Schedule SE for me and Schedule S...

Thanks. I asked both MTFX and Canadian Forex and they can not withdraw USD from any USD account. But they can send back CAD to Canadian account. MTFX said they can receive email money transfer but looks like RBC does not allow from account in USD for email money transfer. It gives an error saying fr...

Here is my scenario: I have: RBC USA USD account RBC canada USD and CAD account I can transfer USD from RBC USA USD account to my RBC Canada USD account for free. But RBC canada wants me do be in the branch do USD wire transfer to MTFX USD account. No issue for MTFX to send the after exchange CAD ba...

Thanks. I opened an account with MTFX. They really have a good rate. What is the most economical way to send USD from my RBC account in USA to MTFX USD account in Canada? Sending USD to my RBC USD account in Canada is free. But they require I need to be in branch before they can do any wire transfer...

Need to send USD to Canada. I have RBC USD accounts in both countries and can send USD from USA to Canada. But for USD to CAD, RBC is not giving good rate. I talked with a FOREX company in Canada but they want a Canadian address and Canadian ID. Is it really required by FOREX company? Any TAX conseq...

I guess form 2555 does not hamper the Child tax credit ($2000 for two kids) on line 52. It only hampers If someone is doing 8882 ( Additional child tax credit) on line 67. Am I right?

- For 2555, I should report net income or gross income? Form says total income, bit confused here. - My wife is going to file 1116 for child care benefits. She had no other income so she paid 0 tax on it in Canada. So, I guess her foreign tax credit is 0. When we put this benefit amount (around $170...

Thanks. Few points: - Trying to understand the actual impact of form 2555 in my case. Because if my canadian income was 40k from Jan 2015 to April 2015. I add this in line 7 (wages) of 1040. And then then again add as -40k on line 21. Then Neither I am paying any additional tax to U.S nor my tax bra...

Thanks. - Gone through related 2555 posts. So, I have to report my canadian wage in 2555. I will report my rental income in schedule C. I was using turbo tax and it does not allow me to use 2555 based on bonafied president test or physical presence test. Rather it is asking me to use 1116. Am I doin...

Hi Nelsona, Posting it as a separate topic now. I moved to U.S with a TN on May, 2015. My family moved on July 2015 with TD. This is the first time I am filing U.S tax. Should I file jointly or separately? Which is applicable and optimized for me. Pls let me know if you need additional inputs. Thanks

Thanks Nelsona!! I have submitted CDN tax returns. I couldn't do this by myself without your help. I missed the U.S tax deadline and will submit soon. I moved in May,2105 and my family moved in July 2015 with TN/TD. I guess me and my wife will file jointly as residents in the U.S. Am I right? Thanks.