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George Dimov — Page 7

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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Head of Household vs. Single: Tax Filing Status Explained
September 20, 2025Tax Filing & Compliance5 min read

Head of Household vs. Single: Tax Filing Status Explained

Choosing the correct filing status is one of the main steps when completing your federal tax return, and just as important as the rest of the steps. In all the other steps, your filing status makes the most difference to the standard deduction of the return, the tax brackets applicable, and the benefits to be claimed afterwards. Even though Single and Head of Household are the most popular options for unmarried individuals, they appear to be and are taken to be identical.

September 20, 2025Tax Strategy & Planning5 min read

What Is a Tax Write-Off? | Guide to Tax Deductions & Savings

During tax season, a lot of people come across the sentence tax write-off without knowing the definition of the term. If you are a small business owner, a freelancer, or an individual taxpayer, comprehending the write off concept will definitely help you reduce your taxable income and make savings.

AGI Calculator: Estimate Your Adjusted Gross Income Easily
September 20, 2025Tax Strategy & Planning5 min read

AGI Calculator: Estimate Your Adjusted Gross Income Easily

Taxes require multiple calculations and documents which may be tiring and overwhelming. Having an accurate estimation of your Adjusted Gross Income (AGI) would alleviate this once complicated process. AGI helps determine how much tax you owe. Equally important, AGI will determine your eligibility for tax deductions and tax credits. One way to quickly come up with an accurate figure for your AGI would be to use an AGI calculator.

How to Withdraw from Your 401(k) Without Penalty | Tax Guide
September 20, 2025Tax Filing & Compliance5 min read

How to Withdraw from Your 401(k) Without Penalty | Tax Guide

One of the most effective ways to decrease the tax burden on free income or to save for retirement is by opening a retirement account. However, um, complexity of the account withdrawal process can lead to tax penalties if accessed early or without a strategy. These penalties can and will, in fact, eat away at the savings built within the account, and they do take the fun out of retirement.

September 20, 2025Tax Filing & Compliance5 min read

How Much Do You Have to Make to File Taxes in 2025? | Filing Requirements

Each year, many Americans ponder if they need to file a federal income tax return. For 2025 (which is for income earned in 2024), the IRS has set income thresholds for each taxpayer based on filing status, age, and type of income earned. Understanding these rules is critical to avoid penalties, tax obligations, and most importantly, tax refunds and tax credits.

September 20, 2025Tax Filing & Compliance5 min read

What Is IRS Form 1040A? History, Eligibility & Replacement

1040A simplified taxes for simplified clients. Any taxpayer using any simplified version of 1040A, used for filing taxes, was offered a version that provided a less time-consuming paperwork. Yet, starting from the 2018 tax period, the IRS stopped using Form 1040A along with Form 1040EZ, folding everything into a reconfigured Form 1040.

Is Trump Getting Rid of Income Tax? An In-Depth Analysis of Tax Reform Plans
September 20, 2025Tax Strategy & Planning5 min read

Is Trump Getting Rid of Income Tax? An In-Depth Analysis of Tax Reform Plans

Talk about scrapping the federal income tax seems to keep popping up, especially when Donald Trump stepped to the mic during his second term. One of his pet ideas is to replace income tax with taxes collected on goods we import. Some folks love the thought of no income tax, picturing extra cash in their paychecks and way less tax paperwork.

Stimulus Check 2025: Are New Payments Coming? What to Know
September 20, 2025Tax Strategy & Planning5 min read

Stimulus Check 2025: Are New Payments Coming? What to Know

There have been posts and videos circulating that suggest stimulus checks of $1,390 and $2,000 will be available in 2025. Many U.S. taxpayers have been left to wonder if another round of federal support will be available, and I’m here to tell you, you are not alone.

September 20, 2025Tax Strategy & Planning5 min read

Understanding the Lifetime Learning Credit (LLC): Save on Education Expenses

Every course taken beyond high school has costs. Lifetime Learning Credit is a designed claim for costs associated with education. It is important for taxpayers to claim any expenses billed for such credits. Some tax liabilities can even span for a lifetime.

Understanding IRS Form 7203: Shareholder Stock and Debt Basis in S Corporations
September 20, 2025Business Taxes5 min read

Understanding IRS Form 7203: Shareholder Stock and Debt Basis in S Corporations

IRS Form 7203 is a relatively new filing requirement that has a significant impact on shareholders of S corporations. With tax year 2021, it aids in monitoring the stock and debt basis and understanding loss deductions for IRS limits. If you are a shareholder, an accountant, or a small business owner working with S Corporations, you need to understand this form to comply with the IRS and avoid tax problems.

Form W-7 ITIN Application | IRS Certified Assistance for Non-U.S. Residents
September 20, 2025Tax Strategy & Planning5 min read

Form W-7 ITIN Application | IRS Certified Assistance for Non-U.S. Residents

Completing the W7 form ITIN application requires much attention to detail. For one, they are completely different forms and are part of the process of obtaining US Identification. Applying and obtaining either can be a challenge if you are not familiar with the whole process. To file and what a US ITIN application is and does means non-resident, foreigner, or a dependent worrying about qualifications, you need to understand the form and the filing process.

September 19, 2025Tax Strategy & Planning5 min read

Itemized Deductions Explained: What You Can Deduct & When It Makes Sense

When completing your tax returns, there are some choices that are really difficult. One of them is whether to take the standard deduction or the itemized deduction. Both options lower your tax owed (or the taxable income) but which one is more beneficial depends on one’s finances. It is possible that itemizing does lead to greater tax savings for a mortgage holder, someone with a high unreimbursed medical cost, or a very charitable giver.

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