Get expert tax and accounting help!Call(212) 641-0673

Author

George Dimov — Page 30

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 57

Browsing all posts: Page 30 of 57

January 22, 2025Tax Strategy & Planning5 min read

Does New York State Tax Any Retirement Income Besides Social Security?

Retirement income can be a significant part of a person’s financial plan in their later years. While Social Security benefits are generally exempt from taxation in New York State, other forms of retirement income, such as pensions and withdrawals from retirement accounts, are subject to state income tax. However, there are some key exclusions and deductions available that may reduce the amount of tax you owe.

January 22, 2025Tax Strategy & Planning5 min read

What Portion of Social Security Benefits Is Taxable at the Federal Level?

When you begin receiving Social Security benefits, it’s important to understand how they might impact your tax liability. Many people are surprised to find that Social Security benefits are not always tax-free. Depending on your total income, up to 50% or even 85% of your benefits may be taxable at the federal level.

January 22, 2025Tax Strategy & Planning5 min read

Does New York Tax Social Security: Key Tax Insights

Understanding the tax implications of Social Security benefits is a critical aspect of retirement planning. For many retirees, a significant question arises: Does New York State tax Social Security benefits? In this article, we’ll explore how Social Security benefits are taxed at both the federal and New York State levels and offer actionable insights to help retirees optimize their tax situations.

January 17, 2025Tax Strategy & Planning5 min read

Can I E-File New York State Tax Forms for Free?

Yes, many e-filing services allow eligible taxpayers to file their New York State tax forms for free, making the process easier and more affordable. E-filing is a convenient and secure way to submit your tax returns, and for those with simple tax situations, free options are available through various online platforms. Services like FreeTaxUSA and others support e-filing for New York State taxes, ensuring that you can file your return efficiently without incurring additional fees.

January 17, 2025Tax Strategy & Planning5 min read

New York State Tax Forms: Essential Documents and Filing Tips for 2025

Filing New York State taxes accurately and on time is crucial to avoid penalties, ensure you receive your tax refunds, and claim available credits. Each year, the New York State Department of Taxation and Finance updates tax forms to reflect changes in tax laws and filing procedures. For 2025, it’s essential to understand which forms to use, where to find them, and how to fill them out properly.

January 17, 2025Tax Strategy & Planning5 min read

What Tax Forms Do I Need as a Nonresident Working in New York?

If you are a nonresident working in New York State, you are required to file a tax return to report the income you earned while working in the state. The specific form you will need to file is Form IT-203, which is the New York State Nonresident and Part-Year Resident Income Tax Return. This form is essential for nonresidents who earned income in New York, as it helps determine the tax liability on that income.

January 17, 2025Tax Strategy & Planning5 min read

What is Form IT-112-R, and When Do I Need to Use It for Tax Credits?

Form IT-112-R is a key document for New York State residents who have paid income taxes to another state. This form is used to claim the New York State Resident Credit, which helps avoid double taxation on income earned outside of New York. If you’re a resident of New York and you’ve worked in another state, you may have been taxed by that state on your income.

January 17, 2025Tax Strategy & Planning5 min read

What is Form IT-201, and Who Needs to File It?

Form IT-201 is the New York State Resident Income Tax Return. It is the primary tax form used by full-year residents of New York State to report their income, calculate their tax liability, and determine if they owe any additional taxes or are entitled to a refund. If you are a resident of New York and earned income during the tax year, this form is essential to ensure that you are fulfilling your state tax obligations.

January 17, 2025Tax Strategy & Planning5 min read

How Can I Request an Extension for Filing My New York State Taxes?

If you need more time to file your New York State tax return, you can request an extension by submitting Form IT-370, the New York State Application for Automatic Extension of Time to File for Individuals. Filing this form gives you an additional six months to file your tax return, moving the deadline from April 15 to October 15. However, it’s important to note that while an extension gives you more time to file, any taxes owed are still due by the original April 15 deadline.

January 16, 2025Tax Strategy & Planning5 min read

What Is the Capital Gains Tax Exemption in NYC?

When selling assets in New York City, understanding the tax implications is crucial. Unlike some jurisdictions, New York City does not offer a specific exemption for capital gains taxes. Instead, capital gains are subject to both New York State and New York City income tax rates, which can significantly impact the total tax burden.

January 16, 2025Tax Strategy & Planning5 min read

Capital Gains Tax in New York: What You Need to Know for 2026

Capital gains are the profits realized from the sale of assets, such as stocks, bonds, or real estate. These gains are categorized as either short-term or long-term, depending on the holding period of the asset. Short-term capital gains apply to assets held for one year or less, while long-term capital gains apply to assets held for more than one year.

January 16, 2025Tax Strategy & Planning5 min read

Are There Any Exemptions or Deductions Available for Capital Gains in New York?

New York’s approach to taxing capital gains may seem strict, but certain exemptions and deductions can provide relief for eligible taxpayers. One of the most significant is the primary residence exclusion, which applies to real estate transactions. This allows homeowners to exclude up to $500,000 of capital gains if filing jointly, or up to $250,000 for single filers, when selling their primary residence.

Contact us anytime

Ready to get started?

Please fill out this form and someone will get back with you shortly. We are available in the evenings and on the weekends for your convenience.