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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.
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Browsing all posts: Page 52 of 57
LLCs in New York are pass-through entities, meaning profits are reported on your personal tax return rather than at a separate corporate level. Single-member LLCs are "disregarded entities" filed on Schedule C, while multi-member LLCs file as partnerships (Form 1065).
Real estate offers unique tax advantages, including lower long-term capital gains rates (0%, 15%, or 20% in 2025) for properties held over a year. Investors can also utilize depreciation—deducting a portion of the building's value annually (typically over 27.5 years)—to offset income.
As a homeowner, understanding what you can and can’t deduct from your taxes is crucial. The tax system may seem straightforward, but it becomes more complex if you own a second home. Let’s explore key differences in tax breaks based on whether you use the second home personally or rent it out.
Charitable donations are only deductible if given to qualified organizations like 501(c)(3) nonprofits, churches, or government agencies. For 2025, cash gifts are deductible up to 60% of your AGI, while non-cash property (like stocks or cars) is limited to 30%.
Amazon’s 2018 selection of Long Island City (LIC) for its HQ2 defied corporate trends toward low-tax states like Texas. Despite NYC’s high taxes (up to 12.7%), Amazon planned to leverage the city's talent pool, offering average salaries of $150,000. However, following intense political and community opposition over $3 billion in subsidies, Amazon canceled the LIC project in February 2019, shifting its focus exclusively to Arlington, Virginia.
The New York State corporate franchise tax is a levy on the privilege of doing business in the state. For 2025, most corporations pay the highest of four different calculations: entire net income (typically 6.5%–7.25%), business capital (0.1875%), minimum taxable income, or a fixed dollar minimum (up to $200,000) based on New York receipts.
George Dimov, CPA, is a multi-cultural NYC firm with over 15 years of experience across all 50 states. They provide "Big Four" precision at boutique value, specializing in complex areas like M&A, real estate, crypto, and biotech. Their diverse team offers services in six languages—English, Mandarin, Spanish, Russian, Ukrainian, and Bulgarian—ensuring personalized care for NYC’s diverse population.
Accountants provide four vital services to keep small businesses running smoothly. Accounts Receivable tracks money customers owe you (assets), while Accounts Payable manages short-term debts you owe vendors (liabilities). Payroll handles the complex task of calculating wages and mandatory tax withholdings. Finally, Bank Reconciliations ensure your internal records perfectly match your bank statements, catching errors or fraud before they impact your bottom line.
Deciding between DIY and professional tax services depends on your financial complexity. While simple returns are manageable solo, you should hire a pro if you are self-employed (requiring Schedule C), have a high income (over $100k increases audit risk), or face "weird" events like property sales or IRA conversions. NYC owners also face niche rules—like the 8.875% tax on sliced vs. uncut bagels. A CPA provides expert audit representation, ensuring you stay compliant.
The IRS operates on a "pay-as-you-go" system, requiring estimated tax payments for income not subject to withholding, such as self-employment earnings, rent, and dividends. Generally, if you expect to owe $1,000 or more, you must pay quarterly. To avoid penalties, you must pay at least 90% of your current year’s tax or 100% of last year’s (110% for high earners). For 2025, payments are due April 15, June 16, Sept 15, and Jan 15, 2026.
Partnerships don’t pay federal income tax. Instead, the partnership’s income, losses, deductions, and credits pass through to the partners, who report these amounts on their personal income tax returns. Although partnerships aren’t taxed directly, they must file a tax return each year.
If you’re studying accounting or need to hire an accountant, it’s crucial to understand what a tax accountant does. This role involves handling taxes, financial records, and audits for individuals or corporations.
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