Lintax Management Inc.: The GTA's US Tax Professionals
Did you know that in 2018 with the passing of the "TAX CUTS AND JOBS ACT OF 2017" the highest tax bracket of 37% begins at taxable income greater than $578,125 US (2023) for individuals and $693,751 US (2023) for couples filing jointly? The standard deduction will be $13,850 US (2023) for single filers and $27,700 US for married couples. In addition, the Estate Tax Exemption has gone from $12,060,000 US (2022) for individuals and $24,120,000 US (2022) for a couple to $12,920,000 US (2023) for individuals and $25,840,000 US (2023) for a couple. The Foreign Earned Income Exclusion is $120,000 US (2023) for those who live outside the United States.
At Lintax Management Inc., we’re here to help with your USA and International financial questions. Located in Mississauga, our accountants are happy to assist both individuals and business owners with anything tax related.
Investing Your US Funds
If you are using US funds for investment purposes, the income type is attributed back to the transferor. However, if you are considered a US resident, you can only gift $17,000 US (2023) for an individual or $34,000 US per couple for tax purposes. There is an unlimited exclusion for tuition and medical expenses.