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Stay informed with the latest tax strategies, accounting best practices, and financial insights from our team of experienced CPAs.
Page 10 of 32
Browsing all posts: Page 10 of 32
The state of New York does not have a simple ‘one size fits all’ sales tax calculation. New York operates under a combined tax system that has a state rate of 4% with an additional layer of local taxes implemented by cities and counties. These local taxes can vary a lot depending where items are purchased, and for New Yorkers, that makes a huge difference.
Simply filling out a form or using a mailing address will not get someone residency in a particular state. Every state has its rules regarding tax obligations, voting, tuition, and even legal benefits.
If you have furnished stores in NYC now or in the past, you might have observed a certain category of items in which the clothing is exempted from tax. It’s interesting to note that even people who have lived in the city for a long time have no clue that certain clothing items are tax free. New York’s clear-the-waistline strategy is designed to encourage more shopping restraint on the waistline in the shopping cart.
Purchases in New York are taxed differently based on the region. The base charge of 4% in New York is fixed, however, some counties and cities add additional blocks of taxes, which results in a significant difference across the state. Some areas even reach the total combined rate of taxes, which is among the highest in the Country.
Understanding sales tax in New York can be tricky because it isn’t just a single flat rate. Instead, it’s a layered system that combines state, county, and city taxes. Whether you’re a resident, a business owner, or a tourist shopping in NYC, knowing how these taxes apply can help you avoid surprises and stay compliant.
Property taxes are one of the largest ongoing expenses for homeowners. When tax season arrives, many taxpayers assume that all property taxes can be deducted from their federal return. However, this is not always the case.
Snowbirds, remote workers, and business owners often split time between states — but what does that mean for your taxes? Can you be a resident of two states at once? Understanding how states define residency is critical, as it determines where you owe income taxes and whether you risk being taxed twice on the same income.
Tax season often brings a mix of anticipation and relief, especially when expecting a refund. Many taxpayers opt for direct deposit due to its speed and convenience, but understanding how long the process takes can help set realistic expectations. This article explains the typical timeline for receiving a tax refund via direct deposit after IRS approval, the factors that may influence this timing, and practical tips for tracking and expediting refunds.
Restricted Stock Awards (RSAs) are a popular form of equity compensation, particularly among startup employees, tech professionals, and executives. Unlike stock options, RSAs are granted outright but come with restrictions such as vesting schedules. While RSAs can be financially rewarding, they also present unique tax complexities. One of the most critical issues RSA holders face is double taxation—paying taxes twice on the same income due to improper planning or reporting.
Restricted Stock Awards (RSAs) can be a valuable part of your compensation package, but they come with specific tax reporting requirements that must be handled carefully to avoid double taxation or IRS scrutiny. The way RSAs are reported on your tax return depends on whether or not you filed an 83(b) election, and it’s important to understand how income and capital gains are treated across multiple forms.
Restricted Stock Awards (RSAs) and stock options are two popular forms of equity compensation, but they come with very different tax implications. Understanding how they differ can help employees, executives, and startup founders make informed decisions and maximize after-tax gains.
Once an estate exceeds federal thresholds, filing IRS Form 706—the United States Estate (and Generation-Skipping Transfer) Tax Return—is part of the process. For estates that also satisfy the New York State Estate Tax Return requirements, both federal and state filings might be necessary.