by George Dimov | Oct 2, 2024 | NYC Accounting
Can You File Head of Household If Married? Yes, you can file as Head of Household if you are married, but only if you meet specific IRS conditions. To qualify, you must live separately from your spouse for the last six months of the year, pay more than half of...
by George Dimov | Oct 2, 2024 | NYC Accounting
Can I Convert LLC to S Corp? Advantages and Disadvantages Yes, you can convert an LLC to an S Corp by filing IRS Form 2553. This allows your LLC to adopt S Corp tax treatment while maintaining its original legal structure. The main advantages include self-employment...
by George Dimov | Oct 2, 2024 | NYC Accounting
Avoiding Inheritance Tax Avoiding inheritance tax can be achieved through a variety of legal strategies designed to reduce the taxable value of an estate. Common approaches include lifetime gifts, establishing trusts, spousal transfers, and charitable donations. These...
by George Dimov | Sep 26, 2024 | NYC Accounting
What Is Crypto Tax? Crypto tax refers to the taxation of cryptocurrency transactions, such as buying, selling, or trading digital assets like Bitcoin and Ethereum. In particular, the IRS classifies cryptocurrency as property, meaning you must report capital gains and...
by George Dimov | Sep 26, 2024 | NYC Accounting
What Is Crypto Tax Rate? Crypto tax rates depend on how you use cryptocurrency. For instance, when you sell or exchange it, the IRS taxes it as capital gains. Specifically, the rates depend on how long you hold the asset. If you hold it for less than a year,...
by George Dimov | Sep 26, 2024 | NYC Accounting
How Does Crypto Tax Work? The IRS taxes cryptocurrency as property, meaning the same general tax principles applicable to property transactions apply to digital currencies. When you sell, exchange, or receive cryptocurrency, these actions can trigger taxable events...
by George Dimov | Sep 26, 2024 | NYC Accounting
Can You Tax Crypto? Yes, cryptocurrency can be taxed. The IRS treats crypto as property, meaning any sale, trade, or transaction involving cryptocurrency is a taxable event. Capital gains or losses must be reported on your tax return, and income earned through crypto...
by George Dimov | Sep 26, 2024 | NYC Accounting
Can You Avoid Crypto Tax? No, you cannot completely avoid crypto tax in the U.S., but there are legal strategies to minimize your tax liability. Cryptocurrency is treated as property, meaning selling, exchanging, or using crypto triggers taxable events. However, the...
by George Dimov | Sep 26, 2024 | NYC Accounting
RMD Table Insights: Simplifying Your Retirement Planning Once you reach a certain age, the IRS requires annual withdrawals from your retirement savings, known as Required Minimum Distributions (RMDs). These withdrawals ensure taxes are eventually paid on tax-deferred...
by George Dimov | Sep 26, 2024 | NYC Accounting
RMD Rules: A Simple Guide Required Minimum Distributions (RMDs) mandate that retirees withdraw funds from their retirement accounts after reaching a certain age. These withdrawals ensure that deferred taxes get paid on money accumulated in accounts like traditional...
