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George Dimov — Page 21

Expert tax tips, accounting insights, and financial guidance from George Dimov, CPA — serving clients across all 50 states for over a decade.

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February 28, 2025Tax Strategy & Planning5 min read

What is the New Child Tax Credit for 2025?

Families across the U.S. rely on the Child Tax Credit (CTC) in terms of lowering the cost of raising children. As we enter 2025, taxpayers naturally may wonder what changes—if any—are in store for this credit. It should be noted that the federal government has yet to announce major revisions. However, the current framework as well as how it interacts with the New York State Child Tax Credit can present assistance to families for planning ahead.

February 28, 2025Tax Strategy & Planning5 min read

How Much is the New York State Child Tax Credit? Eligibility & Amounts Explained

The New York State Child Tax Credit (NY CTC) presents financial aid to qualifying families with dependents. The purpose of such credit is to ease the cost of raising children. The 2025 NY child tax credit remains a keystone of New York family tax benefits and delivers up to $330 per child for households eligible.

February 28, 2025Tax Strategy & Planning5 min read

Are New York State Tax Refunds Delayed?

If a New York State tax refund is expected, individuals might be wondering why it is taking longer than usual. Refund delays can be considered common, especially during the busy times of the tax season. It should be noted that several factors can add up to slower processing times. Taxpayers can anticipate when they will receive their refund by acknowledging these reasons.

What is the NY State Withholding Tax Rate?
February 25, 2025Tax Strategy & Planning5 min read

What is the NY State Withholding Tax Rate?

If an individual works in New York, they are likely to see a portion of their paycheck deducted for NYS withholding tax. Below, we present what it is and how the calculation method is applied.

February 25, 2025Tax Strategy & Planning5 min read

How Do I Calculate My State Tax Withholding?

State tax withholding is the portion of the paycheck that employers deduct to fulfill New York state income tax obligations. For individuals who live or work in the state, calculating their NYS withholding tax assures that they are not underpaying their taxes throughout the year.

What is the Income Tax Rate in New York State?
February 25, 2025Tax Strategy & Planning5 min read

What is the Income Tax Rate in New York State?

New York State embraces a progressive income taxation system. It signifies tax rates increase as the level of income rises. Residents and specific non-residents earning income in the state are subject to such rates. The mentioned rates change from 4% to 10.9% in accordance with the taxable income.

February 25, 2025Tax Strategy & Planning5 min read

Is NYS Sales Tax 8%?

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.

February 25, 2025Tax Strategy & Planning5 min read

What is the New York State Tax Rate?

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.

Where Do I Report My PTET Credit in NY?
February 23, 2025Tax Strategy & Planning5 min read

Where Do I Report My PTET Credit in NY?

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.

February 23, 2025Tax Strategy & Planning5 min read

What Happens if You Do Not Amend a NYS PTET Return?

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.

February 23, 2025Tax Strategy & Planning5 min read

Can You Amend a NYS PTET Return?

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.

February 23, 2025Tax Strategy & Planning5 min read

When is an Amended NYS PTET Return Due?

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.

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