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George Dimov — Page 51

Expert tax tips, accounting insights, and financial guidance from George Dimov, CPA — serving clients across all 50 states for over a decade.

Page 51 of 57

Depreciation Life for Each Asset Class: A Simple Guide

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.

September 15, 2024Tax Strategy & Planning5 min read

When and How to Take Your RMD: A Complete Guide for Retirees

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.

August 28, 2024Tax Strategy & Planning5 min read

NYC Corporate Tax vs. Individual NYC Tax on W2

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.

August 28, 2024Tax Strategy & Planning5 min read

New York State RSU Tax

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.

August 28, 2024Uncategorized5 min read

New York City RSU Tax

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.

August 27, 2024Tax Strategy & Planning5 min read

ESPP Accounting

Qualified ESPPs allow employees to buy stock at a discount (up to 15%) with taxes deferred until sale, offering favorable capital gains treatment if held for at least two years from the offering date and one year from the purchase date.

April 4, 2024Uncategorized5 min read

Notary Services

NYC Accounting & Consulting offers fast, accurate, and reliable Notary Public services for personal and business documentation needs. Our certified notary ensures your documents are properly witnessed, verified, and legally compliant — right in the heart of New York City. From financial statements and IRS forms to affidavits and business contracts, we provide a seamless, professional experience.

March 21, 2024Uncategorized5 min read

Best Brooklyn CPA Firm – Work With Expert Tax Accountants Today

Dimov CPA is your trusted tax and accounting firm serving individuals and businesses throughout Brooklyn. Whether you're a small business owner in Williamsburg, a homeowner in Park Slope, or a startup in Dumbo, our team delivers comprehensive, tailored solutions to keep you compliant and financially optimized.

February 29, 2024Uncategorized5 min read

Excel Consulting Services

Efficient data management is critical in today's business environment. Our Excel consulting services help businesses of all sizes unlock the full potential of Microsoft Excel — from creating sophisticated templates and automating repetitive tasks to complex data analysis and software integration. Transform your data into actionable insights and streamlined workflows with the help of our experienced consultants.

February 21, 2024Uncategorized5 min read

Best Bronx CPA Firm – Work With Expert Tax Accountants Today

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.

August 27, 2020Tax Strategy & Planning5 min read

George Dimov, CPA Proud to be Named a Top Accounting Firm by Clutch!

George Dimov, CPA, is a top-rated NYC accounting firm recognized for excellence by Clutch and The Manifest. Specializing in complex tax and backend optimization for businesses and individuals, the firm holds a five-star rating based on direct client feedback. By managing rigorous accounting needs, they enable founders to focus on growth. This award-winning status highlights their commitment to quality deliverables, scheduling, and transparent pricing.

July 27, 2019Tax Strategy & Planning5 min read

Amending Return to include Crypto

The IRS is intensifying enforcement on cryptocurrency, mailing thousands of compliance letters (such as the CP2000, 6173, and 6174-A) to taxpayers with missing transactions. A common misconception is that taxes only apply when selling for "fiat" (USD); however, crypto-to-crypto trades are taxable events that must be reported on Form 8949.