Tag: state taxation

sole proprietorships

Sole Proprietorships in New York 

In the past, we’ve discussed “entity selection” in several different contexts. Entity selection is a process to determine which entity best suits a given situation for tax and liability purposes. Numerous factors contribute to this determination including, but not limited to, the number of shareholders and location. C corporations, for instance, face double taxation.  That’s because they […]

Delaware statutory trusts

The Popularity of Delaware Statutory Trusts

Savvy investors are always looking for promising new investment opportunities. One of the key abilities of most successful investors is the ability to detect trends before they become trends.  In other words, to pick up on promising opportunities before they becomes clear to the majority of investors. When you stop and think about it, this makes […]

State Sin Tax

The Largest State Sin Tax Revenues 

In an earlier post, we discussed sin taxes in some detail. We identified specific examples of sin taxes.  Those include taxes on items such as cigarettes, tobacco, alcohol taxes and candy. We also  touched on the goals that sin taxes are meant to further. Sin taxes further two goals.  The first is to raise additional revenue for the state.  The second is […]

Tax Lien Discharge

IRS & NY Tax Lien Discharge on Real Estate

Real estate sales and purchases are common.  Unfortunately, so are unpaid taxes.  When the seller of real estate has a tax lien, a real estate closing can become exponentially more difficult.  This is particularly true when net proceeds of sale are insufficient to pay the tax in full. When that happens, additional steps must be taken […]

Investment Real Estate tax

The 4 Layers of Investment Real Estate Tax

When an investor sells investment real estate, they face not just a single layer of taxation but several layers. That’s why Section 1031 is such a potent weapon. In total, taxpayers face up to four distinct layers of investment real estate tax.  They come into play when taxpayer’s                    […]

common tax forms

Common Tax Forms for New Yorkers

The New York tax system is truly one of the more complicated tax regimes in the country. With all of its various city and county level taxes, taxes are quite literally everywhere.  There’s transfer taxes, income taxes, sin taxes, and general sales taxes.  There are countless other taxes which New York residents have to be […]

Real Estate Transfer Tax

The New York Real Estate Transfer Tax

Our great State of New York uses a wide variety of means to generate income. As we’ve seen, there’s state income taxes, sales taxes, specialized surtaxes, corporate taxes and others. Just when you thing the list couldn’t grow longer, there’s yet another tax to discuss.  In this post, we discuss the New York Real Estate […]

New York State budget

Highlights of the New York State Budget 

Albany, New York is the capital of the great State of New York.  As such, it’s seen more than its fair share of rough and tumble negotiations.  These are often between the “Second Floor” (aka, the Governor’s Office) and the New York State legislature.  This year’s New York State budget didn’t disappoint.  Today, the budget […]

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