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Expert tax tips, accounting insights, and financial guidance from George Dimov, CPA — serving clients across all 50 states for over a decade.
Page 13 of 32
Browsing all posts: Page 13 of 32
If you’re shopping or running a business in New York, you may have naturally wondered, “Is the New York State sales tax 8%?” The answer to this question is not that simple. A base sales tax of 4% is imposed by the New York State. However, local counties may add their own rates and bring the total sales tax as high as 8.875% in some areas.
Various taxes are applied in New York State that impact both individual taxpayers and establishments. In this context, income tax and sales tax as well as withholding tax are applied at distinct rates within different regulatory frames. Such taxes should be considered carefully as they are vital for financial planning matters.
Individual members or partners of pass-through entities (PTEs) report their New York State Pass-Through Entity Tax (NYS PTET) credit on their personal income tax return. The PTET credit is designed to offset the state tax liability of individuals who are owners of partnerships, LLCs, or S corporations that elected to pay the PTET.
Failing to amend a New York State Pass-Through Entity Tax (NYS PTET) return when necessary can have serious financial and compliance consequences. The PTET is an elective tax designed to provide tax benefits to owners of partnerships, LLCs, and S corporations. However, if changes in income, ownership, or other tax-related information go unreported, it can result in penalties, interest, and potential issues for both the entity and its owners.
Yes, pass-through entities (PTEs) such as partnerships, LLCs, and S corporations can amend a New York State Pass-Through Entity Tax (NYS PTET) return. The amendment process is handled through New York’s online tax portal, where entities can submit changes to their original filing. Amending a return allows businesses to correct errors or update information that affects their PTET liability or the allocation of tax credits to owners.
The deadline for filing an amended New York State Pass-Through Entity Tax (NYS PTET) return is generally tied to the statute of limitations for tax filings. Entities must typically submit an amended return within three years from the later of the original filing date or the date the tax was paid. Understanding this timeline is essential to ensure compliance and avoid potential penalties or loss of tax benefits.
An amended New York State Pass-Through Entity Tax (NYS PTET) return is required when there are changes to an entity’s tax-related information that impact the original filing. The PTET is an elective tax imposed on partnerships, LLCs, and S corporations to allow owners to receive a corresponding credit on their individual state income tax returns.
The Pass-Through Entity Tax (PTET) is a state-level tax designed to help pass-through entities in New York, such as partnerships, S corporations, and limited liability companies (LLCs), mitigate the impact of the federal $10,000 cap on state and local tax (SALT) deductions.
When it comes to wealth transfer, both gifting and inheritance play significant roles in how assets are passed down from one generation to another. However, many individuals are unaware of the complex tax implications that can accompany these processes.
The “step-up in basis” is a key tax provision that can significantly reduce the tax burden on beneficiaries inheriting assets. It allows beneficiaries to adjust the cost basis of inherited property to its fair market value (FMV) at the date of the deceased person’s death. Here’s a closer look at how this works and its impact on the taxation of inherited assets.
Accidentally exceeding your 401(k) contribution limit can lead to tax consequences, but it’s an issue that can be resolved if you act quickly. For 2025, the IRS has set the 401(k) contribution limit at $23,000 for individuals under 50. Those 50 or older can contribute up to $30,500, which includes a $7,500 catch-up contribution.
Turning 50 is a milestone that comes with some valuable financial perks, especially when it comes to retirement savings. If you turn 50 at any point during 2025, you will be eligible to make catch-up contributions to your 401(k), regardless of the month you celebrate your birthday.