by George Dimov | Oct 3, 2024 | NYC Accounting
QBI Deduction: What is it? The Qualified Business Income (QBI) Deduction allows eligible business owners to deduct up to 20% of their qualified business income on their taxes. This deduction applies to owners of pass-through entities, such as sole proprietorships,...
by George Dimov | Oct 2, 2024 | NYC Accounting
NYC Sales Tax: What Is It? NYC Sales Tax is a combination of state, city, and Metropolitan Commuter Transportation District (MCTD) taxes on goods and certain services sold in New York City. The total tax rate is 8.875%, which includes 4% New York State sales tax, 4.5%...
by George Dimov | Oct 2, 2024 | NYC Accounting
Mortgage Interest Deduction and Excess Mortgage Rule The Mortgage Interest Deduction allows homeowners to deduct the interest paid on their mortgage for their primary or secondary home. This deduction applies to loans up to $750,000 for mortgages taken after December...
by George Dimov | Oct 2, 2024 | NYC Accounting
Expat Tax Advisor An Expat Tax Advisor is a tax professional who specializes in helping U.S. citizens living abroad manage their tax obligations. They assist with filing U.S. tax returns, claiming credits like the Foreign Tax Credit, and ensuring compliance with IRS...
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...
