by George Dimov | Nov 10, 2024 | NYC Accounting
What Is 1031 Depreciation Recapture? 1031 depreciation recapture involves deferred tax obligations on depreciation deductions claimed on an investment property. In a 1031 exchange, both capital gains tax and depreciation recapture are deferred, transferring to the...
by George Dimov | Nov 10, 2024 | NYC Accounting
What are Estimated Taxes 1099? Estimated taxes are quarterly payments required of freelancers, independent contractors, and small business owners who receive income without tax withholding, often reported on Form 1099. These payments cover federal income tax,...
by George Dimov | Nov 10, 2024 | NYC Accounting
The Role of a Real Estate CPA in Property Investment A Real Estate CPA is a Certified Public Accountant with expertise in real estate tax regulations and financial management. They assist investors, landlords, and property developers with tax planning, compliance, and...
by George Dimov | Nov 9, 2024 | NYC Accounting
The Benefits of Section 179 Tax Deduction in 2024 The Section 179 tax deduction allows businesses to fully deduct the purchase price of qualifying equipment and software for 2024, enabling immediate tax savings. Instead of depreciating assets over several years,...
by George Dimov | Nov 9, 2024 | NYC Accounting
Why Sales Tax Filing Services Matter for Your Business Sales tax filing is a crucial part of running a business, requiring compliance with varying tax rates, exemptions, and regulations across multiple states. Dimov CPA provides expert Sales Tax Filing Services to...
by George Dimov | Nov 9, 2024 | NYC Accounting
The Importance of Hiring a QDRO Attorney During Divorce A Qualified Domestic Relations Order (QDRO) is essential for dividing retirement assets during a divorce. Working with a QDRO attorney helps ensure retirement benefits are allocated fairly and in compliance with...
by George Dimov | Nov 9, 2024 | NYC Accounting
Help With Back Taxes: Your Guide to Resolution Back taxes are unpaid taxes that weren’t settled by the original due date. They can include income taxes, payroll taxes, or other taxes owed to the IRS or state tax authorities. At Dimov CPA, we offer expert assistance to...
by George Dimov | Nov 4, 2024 | NYC Accounting
What Are Expat Tax Services? Expat tax services involve providing assistance to U.S. citizens and green card holders living outside the United States who, despite residing in a foreign country, still need to file U.S. tax returns. Importantly, U.S. citizens must...
by George Dimov | Nov 1, 2024 | NYC Accounting
Essentials of Back Tax Filing Back tax filing is the process of submitting overdue tax returns to the IRS. Whether it’s due to financial difficulties, confusion, or oversight, missing a tax filing can lead to penalties and interest. Filing back taxes helps...
by George Dimov | Nov 1, 2024 | NYC Accounting
Corporation Tax: Everything You Need to Know Corporation tax is the tax that businesses must pay on their profits. This content is designed to answer key questions about corporation tax, provide an overview of tax obligations for different types of corporations, and...
