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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 40 of 57
Browsing all posts: Page 40 of 57
New York City imposes some of the highest income taxes in the United States. The city’s tax rates are progressive, meaning that the more you earn, the higher percentage of your income you pay in taxes. These taxes, combined with New York State and federal taxes, can result in a significant tax burden for high-income earners.
If you live or work in New York City (NYC) and earn $100,000 annually, it’s important to understand how much of that income will go toward taxes. NYC has a unique tax system that combines federal, state, and local taxes, so the amount you owe depends on several factors. In this article, we’ll break down how $100,000 in income is taxed in NYC, including federal, state, and city tax rates.
If you’re a business owner operating in New York, understanding the corporate tax rate is crucial for planning and compliance in 2024. The corporate tax landscape in New York can be complex, with variations depending on your business size, structure, and location. In this article, we’ll break down the key details about the corporate tax rate in New York for 2024.
This all depends on the number of services provided and the frequency of the interaction with Airbnb and the money will be taxed as either sole proprietorship on Schedule C of your income tax return or as partnership on Schedule E.
Now let us look at some of the things that are involved in managing payroll for one employee. From tax compliance to the proper filing, even one hire is a process that needs to be given much attention. Here’s an overview to help you decide whether a payroll service is necessary.
The Internal Revenue Service has determined that $19,000 in 2025 is the annual gift tax exclusion and permits individuals to transfer wealth without a basis for triggering tax reporting or taxation.
The high-tax kickout is a provision within the U.S. Foreign Tax Credit (FTC) regulations. It reclassifies foreign residual income taxed at a rate exceeding the highest U.S. tax rate into the “general category” for FTC purposes. This ensures accurate tax credit allocation and compliance.
Per the federal law provision, there are situations for which you can file a lawsuit against IRS like Taxpayers may sue to stop IRS from collecting if such a collection action is based on wrongful practices , or in case of refund disputes and failure by the agency to release any liens. But legal action is subject to very stringent requirements, including the requirement of fully exhausting all administrative remedies.
The Foreign Earned Income Exclusion (FEIE) is a key provision designed to help U.S. citizens and resident aliens avoid double taxation on their foreign income. This tax benefit allows qualified individuals to exclude a certain amount of their income earned abroad from U.S. taxes, reducing their overall tax burden. In this article, we’ll take a closer look at what the FEIE is, who qualifies for it, and how to claim it.
As a U.S. citizen or resident alien working abroad, you may be eligible for the Foreign Earned Income Exclusion (FEIE), a valuable tax benefit that can reduce your U.S. tax liability. This exclusion allows you to exclude a portion of your foreign-earned income from U.S. taxes, helping you avoid double taxation. Here’s what you need to know.
When you sell an asset, such as equipment or real estate, for more than its adjusted basis (the original cost minus accumulated depreciation), the IRS requires you to “recapture” the depreciation you’ve taken over the years.
Foreign exempt income refers to income earned by U.S. taxpayers while working abroad that is eligible for the Foreign Earned Income Exclusion (FEIE). This type of income is excluded from U.S. federal taxation, allowing individuals living and working in foreign countries to avoid paying U.S. taxes on a portion of their foreign-earned earnings.
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