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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 30 of 32
Browsing all posts: Page 30 of 32
In 2025, you can legally minimize cryptocurrency taxes by leveraging tax-loss harvesting to offset gains and $3,000 of ordinary income, holding assets for over a year to qualify for lower long-term rates (0%–20%), or utilizing self-directed IRAs and charitable donations for tax-free growth and deductions.
In 2025, cryptocurrency continues to be taxed under the landmark IRS Notice 2014-21, which first classified digital assets as property subject to capital gains (0%–20% long-term; 10%–37% short-term) and ordinary income rules. For the 2025 tax year, the IRS has introduced Form 1099-DA, requiring brokers to report your gross proceeds directly to the government, while also implementing a mandatory wallet-by-wallet method for tracking your cost basis.
Under the SECURE Act 2.0, the mandatory age to start Required Minimum Distributions (RMDs) is now 73 for those born between 1951 and 1959, and will increase to 75 in 2033 for those born in 1960 or later. For 2025, if you have reached age 73, you must withdraw a specific amount based on your Dec 31, 2024, account balance and the IRS life expectancy factor to avoid a 25% penalty.
In 2025, New York continues its progressive tax system with nine state brackets ranging from 4% to 10.9%, while NYC residents pay an additional local tax of 3.078% to 3.876%. Under the One Big Beautiful Bill Act (OBBBA) passed in July 2025, New York has adopted rolling federal conformity, meaning many local deductions will automatically align with new federal standards to simplify filing for city taxpayers.
For 2025, you must begin taking Required Minimum Distributions (RMDs) from your traditional IRA at age 73, calculated by dividing your 2024 year-end balance by the IRS life expectancy factor (e.g., 26.5 for age 73).
Starting at age 73, most retirees must begin taking Required Minimum Distributions (RMDs) from their 401(k). To calculate your 2025 RMD, divide your account balance (as of Dec 31, 2024) by the IRS life expectancy factor for your current age.
Asset depreciation life, set by the IRS under MACRS, determines how quickly you can write off business equipment. Standard periods include 5 years for tech/cars, 7 years for office furniture, and 27.5 years for residential rentals. For 2025, the "One Big Beautiful Bill Act" has permanently restored 100% bonus depreciation for assets placed in service after January 19. Additionally, the Section 179 limit has increased to $2.5 million, allowing massive immediate write-offs.
Under the SECURE 2.0 Act, the age for Required Minimum Distributions (RMDs) is now 73 for those born between 1951 and 1959. For 2025, retirees reaching this age must calculate their withdrawal by dividing their prior year-end balance by the IRS life expectancy factor (e.g., 26.5 for age 73). Failing to meet the Dec 31 deadline results in a 25% penalty, though it can be reduced to 10% if corrected within two years.
In New York City, S-Corporations face unique "double taxation" because NYC does not recognize flow-through status. While the state and IRS let profits pass to owners untaxed, NYC levies an 8.85% Corporate Tax on net income. Simultaneously, owners pay a progressive Personal Income Tax (3.078%–3.876%) on their W-2 wages.
New York State (NYS) treats Restricted Stock Units (RSUs) as ordinary income taxable at vesting. For residents, tax applies to the full value. Non-residents or part-year residents must use a workday allocation formula: (NYS Workdays ÷ Total Workdays from Grant to Vest) × RSU Value.
Restricted Stock Units (RSUs) are a popular form of compensation, but they come with complex tax obligations for New York City residents. When RSUs vest, New York State treats them as income subject to state taxes — and NYC adds its own income tax layer on top. Understanding how these rules apply to your situation is essential to staying compliant and optimizing your financial outcomes.
The Bronx is one of NYC's most vibrant and diverse boroughs, home to small businesses, real estate developers, and families with unique tax needs. Dimov CPA offers specialized tax preparation, planning, and accounting services tailored to the Bronx's distinct economic landscape — helping residents and business owners stay compliant and financially strong.