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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 29 of 32
Browsing all posts: Page 29 of 32
Understanding the contribution limits for 401(k) plans in 2024 is an important step to ensure financial security during your retirement years. Therefore, to help you, this comprehensive guide will discuss the new 401k contribution thresholds, highlighting the tax benefits associated with 401(k) plans.
Cross-border tax refers to the tax obligations that arise when individuals or businesses have income or financial interests in both the U.S. and Canada. U.S. citizens living in Canada must file taxes in both countries due to U.S. tax laws. Similarly, Canadian residents with U.S. income must report it to both tax authorities.
An International Tax Accountant specializes in handling tax obligations that cross international borders. They assist businesses and individuals in complying with both domestic and foreign tax laws, helping to minimize liabilities while staying compliant. Their services typically cover tax treaty benefits, foreign tax credits, expatriate tax filings, and compliance with international reporting requirements like FATCA and FBAR.
An IRS letter is an official notice sent by the Internal Revenue Service to inform taxpayers about issues related to their tax accounts. These letters can address a variety of matters, such as changes to your tax return, requests for additional information, or notifications of unpaid taxes. Receiving an IRS letter doesn’t necessarily mean you’re in trouble; it’s a way for the IRS to communicate important information that may require your attention.
Estate and gift taxes are vital considerations for individuals, especially those with substantial assets. These taxes, which differ at federal and state levels, can significantly impact how much of an estate is passed to heirs or how gifts are taxed during one’s lifetime. This guide explores estate and gift taxes, with a focus on New York State regulations and the latest 2024 changes.
Navigating tax laws in New York State (NYS) and New York City (NYC) requires staying updated on the latest legislative changes. The year 2024 brings significant updates in tax regulations that impact both businesses and individuals. This article overviews these changes, their implications, and how they align with broader federal tax policies. Additionally, it discusses the effects of these updates on remote workers in the post-pandemic era.
New York’s corporate and business taxes are complex due to the state’s intricate structure and additional municipal layers, particularly in New York City. Businesses operating in New York must understand their tax obligations to stay compliant and optimize their tax positions. This article examines corporate and business taxes in New York, covering the state’s Corporate Franchise Tax, NYC General Corporation Tax, Sales Tax compliance, and S-Corporation taxation.
NYC Deferred Comp is a retirement savings program available to eligible New York City employees. It allows participants to defer a portion of their salary into tax-deferred accounts such as the 457(b) and 401(k) plans. Contributions lower current taxable income and grow tax-free until withdrawn during retirement. For 2024, the contribution limits have increased to $23,000, with an additional $7,500 allowed for employees aged 50 or older, based on IRS guidelines.
Deferred Tax Assets (DTAs) represent a future tax reduction for businesses. Specifically, they arise when a company has overpaid taxes or incurred losses that can offset future tax liabilities. In essence, a DTA indicates that the company expects to lower its taxes in the future. Moreover, these assets appear on the company’s balance sheet and typically arise from temporary differences between accounting methods and tax law treatments.
In 2025, the total NYC sales tax remains 8.875% (comprising 4% State, 4.5% City, and 0.375% MCTD taxes) and applies to most tangible goods, including clothing over $110, while continuing to exempt essential items like most groceries, prescription medicines, and clothing or footwear priced under $110.
The Mortgage Interest Deduction allows homeowners to deduct the interest paid on their mortgage for their primary or secondary home. This deduction applies to loans up to $750,000 for mortgages taken after December 15, 2017, or up to $1 million for loans taken before that date. This tax benefit can significantly reduce your taxable income.
The IRS treats cryptocurrency as property, meaning every sale, trade, or purchase triggers a capital gain or loss (taxed at 0%–20% long-term or 10%–37% short-term). In 2025, the One Big Beautiful Bill Act (OBBBA) increased the standard deduction to $15,750 for singles. Notably, for the 2025 tax year, you must now use a mandatory wallet-by-wallet accounting method and will receive the inaugural Form 1099-DA from custodial brokers reporting your gross proceeds.