by George Dimov | Nov 10, 2024 | NYC Accounting
What is an Expat Tax Advisor? An expat tax advisor assists U.S. citizens or residents living outside of the United States with both tax compliance and minimizing tax liability. Even if they live abroad, U.S. expats do still have to file their global income with the...
by George Dimov | Nov 10, 2024 | NYC Accounting
What is Airbnb Tax Preparation? Airbnb tax preparation is the process of organizing, reporting and filing income from Airbnb rentals per federal, state and local tax regulations. As an Airbnb host, you want to make sure to report your rental income correctly but also...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Is Accelerated Depreciation Recapture? Accelerated depreciation recapture is a tax rule requiring taxpayers to pay back some of the benefits received from accelerated depreciation when an asset has been sold. If an asset is sold for more than depreciated value,...
by George Dimov | Nov 10, 2024 | NYC Accounting
What Does 1031 Depreciation Recapture? 1031 depreciation recapture is the deferred tax liability on depreciation deductions taken on a potential investment property. In a 1031 exchange, both capital gains tax and depreciation recapture are deferred to the replacement...
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 CPA who specializes in real estate accounting and has comprehensive knowledge of federal tax rules, laws, regulations, and the practice of working with property owners to manage their books....
