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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 19 of 32
Browsing all posts: Page 19 of 32
Living outside New York is not synonymous with individuals being exempt from paying New York taxes. Tax obligations depend on specific circumstances like the sources of income and property ownership within the state.
Estate taxes can significantly impact the assets you pass on to your heirs, especially in states like New York, where the exemption threshold is $6.58 million in 2023. However, there are effective strategies to reduce or even avoid estate taxes. With proper planning, you can preserve more of your wealth for your loved ones.
Exit tax can be a critical aspect of financial matters for those planning to move permanently out of New York. It is not an official tax term, but rather it signifies tax-related responsibilities linked with relocating from the state. Avoiding this exit tax is not entirely possible, yet there are legal ways to minimize tax obligations surrounding it.
Avoiding transfer tax in New York is not completely possible. However, certain actions can be taken in order to minimize the overall liability. This tax applies to the sale or transfer of real property. Recognizing the relevant state taxation practices might present significant assistance in avoiding costly surprises.
For individuals with substantial wealth, estate planning often involves navigating both federal and state tax systems. In New York, estates valued above the state exemption threshold of $6.58 million (as of 2023) may be subject to New York estate taxes. At the federal level, estates exceeding the federal exemption threshold of $12.92 million (for 2023) may also face federal estate taxes.
When it comes to receiving your tax refund, most taxpayers expect a refund check to arrive without issue. However, if you owe debts to your state, your refund could be impacted in a way that delays or reduces the amount you receive. This is particularly true in states like New York, where certain debts—such as unpaid taxes or child support—can lead to an offset of your refund. Here’s how owing state debts can affect your tax refund and what you can do about it.
The “8-year rule” for exit tax applies primarily to U.S. citizens as well as long-term residents who decide to renounce their citizenship or green card. This rule is not specific to New York state taxes. However, it is usually confused with exit tax thanks to the implications for expatriation tax.
Tax season can be a stressful time, and while many taxpayers receive their refunds in a timely manner, some may experience delays. If you’ve been waiting longer than the typical processing time for your New York State tax refund, don’t panic. There are steps you can take to check on the status and resolve any issues.
When it comes to receiving your tax refund, direct deposit is a popular and convenient option for many taxpayers. It allows for the fastest, most secure way to have your refund transferred directly into your bank account. However, one common question that arises is whether there are any fees associated with choosing direct deposit for your refund.
If you’re waiting for your tax refund from New York State, you can easily track its status through the official “Check your Refund” tool on the New York State Department of Taxation and Finance website. This online tool provides a quick and convenient way to stay updated on the progress of your refund without needing to make a phone call or visit a tax office.
Relocating away from New York brings many changes. In terms of taxation, the so-called “New York Exit Tax” is one of the most misinterpreted concepts. Although it is not an official tax term, it indicates tax-related obligations associated with relocating from the state. For New York residents who plan on moving out of the state, we present detailed guidelines for recognizing details on this tax as well as dispelling myths around it, with a full compliance target.
When planning your estate in New York, one common question is whether gifts made before death are subject to estate tax. The good news is that lifetime gifts are generally excluded from New York estate tax. However, while this may seem straightforward, there are important nuances to keep in mind to avoid unexpected tax implications.