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George Dimov — Page 48

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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Browsing all posts: Page 48 of 57

October 2, 2024Tax Strategy & Planning5 min read

What Are Deferred Tax Assets?

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.

October 2, 2024Tax Strategy & Planning5 min read

Trusts and Inheritance Tax

In 2025, irrevocable trusts are essential for removing assets from your taxable estate, helping you leverage the federal exemption of $13.99 million (rising to $15 million in 2026 under the One Big Beautiful Bill Act). While revocable trusts offer flexibility but no estate tax relief, specialized vehicles like GRATs and Generation-Skipping Trusts can freeze asset values and avoid multiple layers of taxation.

October 2, 2024Tax Strategy & Planning5 min read

Standard Deduction vs. Itemized Deduction

In 2025, the One Big Beautiful Bill Act (OBBBA) has significantly altered the landscape: the standard deduction has risen to $15,750 (Single) and $31,500 (Married Filing Jointly). Notably, the SALT deduction cap has quadrupled to $40,000, making itemizing much more attractive for homeowners in high-tax states.

October 2, 2024Tax Strategy & Planning5 min read

Avoiding Inheritance Tax

In 2025, you can legally minimize estate taxes by utilizing the increased annual gift exclusion of $19,000 per recipient, tax-free spousal transfers, and sophisticated trusts to leverage the massive $13.99 million lifetime exemption, which the One Big Beautiful Bill Act (OBBBA) has permanently raised to $15 million (effective 2026).

October 2, 2024Tax Strategy & Planning5 min read

NYC Sales Tax: What Is It?

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.

October 2, 2024Tax Strategy & Planning5 min read

Expat Tax Advisor

An Expat Tax Advisor is a tax professional who specializes in helping U.S. citizens living abroad manage their tax obligations. They assist with filing U.S. tax returns, claiming credits like the Foreign Tax Credit, and ensuring compliance with IRS reporting requirements such as FBAR and FATCA. Their role is essential in helping expats avoid double taxation while optimizing their tax filings.

October 2, 2024Tax Strategy & Planning5 min read

Mortgage Interest Deduction and Excess Mortgage Rule

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.

October 2, 2024Tax Strategy & Planning5 min read

Can I Convert LLC to S Corp? Advantages and Disadvantages

In 2025, you can convert an LLC to an S Corp by filing IRS Form 2553 by March 17, allowing you to reduce self-employment taxes by splitting income between a "reasonable salary" and tax-free distributions, while maintaining the 20% QBI deduction made permanent by the One Big Beautiful Bill Act.

October 1, 2024Tax Strategy & Planning5 min read

Can You File Head of Household If Married?

In 2025, you can qualify as Head of Household while married if you lived apart from your spouse for the last six months of the year, provided more than half of the home's financial support, and maintained the principal residence for a qualifying child or dependent for over half the year.

September 26, 2024Tax Strategy & Planning5 min read

How Does Crypto Tax Work?

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.

September 26, 2024Tax Strategy & Planning5 min read

RMD Age Explained: Key Timelines for Your Retirement Withdrawals

In 2025, the mandatory Required Minimum Distribution (RMD) age remains 73 for those born between 1951 and 1959, while the penalty for missing the December 31 deadline is now 25% (reducible to 10% if corrected within two years). To calculate your 2025 withdrawal, divide your account balance (as of Dec 31, 2024) by the updated IRS Uniform Lifetime Table factor, which is 26.5 for those turning 73 this year.

September 26, 2024Tax Strategy & Planning5 min read

Can You Tax Crypto?

In 2025, cryptocurrency is taxed as property where sales, trades, and purchases trigger capital gains taxes (0%–20% long-term; 10%–37% short-term), while income from mining, staking, or wages is taxed as ordinary income.

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