by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction This was a slow and painful process for taxpayers, who needed to file a paper Form 1040-X and wait months for the IRS to process the form. That said, the IRS has set up electronic filing for some amended returns, which might make the filing not just...
by George Dimov | Dec 19, 2024 | NYC Accounting
Introduction Compliance with the tax law is significant to prepare correct tax returns, avoid penalties, and be entitled to receive the correct refund or tax liability. But mistakes happen, and life changes, and sometimes you have to adapt. This is where to correct...
by George Dimov | Nov 10, 2024 | NYC Accounting
Your Guide to the FBAR Deadline 2024 and Compliance U.S. citizens with financial interests in foreign accounts must also file an FBAR—the Foreign Bank Account Report. Here’s everything you need to know about the FBAR Deadline for 2024, staying compliant, and how Dimov...
by George Dimov | Nov 10, 2024 | NYC Accounting
What is the Airbnb Tax Loophole? The Airbnb Tax Loophole allows hosts to earn rental income tax-free when they rent out their place for 14 days or less in a year. It is known as the 14-Day Rule — this part of U.S. tax law lets short-term rental hosts avoid reporting...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is Section 179 Vehicle Deduction? The Section 179 deduction vehicle limits 2024 is a part of the Internal Revenue Code that allows businesses to deduct certain income expenses. The vehicle is partially written off, which means it can significantly improve the...
