Education
6 FAQs About 529 College Savings Plans
College is a large expense and one worth planning for, especially if you want your future college graduate to start their lives with minimal debt. One common way to prepare for such an expense is to open a 529 college savings plan. What is a 529 plan? College savings 529 plans are state-sponsored savings accounts…
Read More3 Essential Tips for Financial Planning When You Have a Disability
Having a disability is not quite as rare as many people think. In fact, about 14 percent of adults around the world have a disability of some kind. This includes people who have a physical, mental, intellectual, or sensory limitation at a mild, severe, or moderate level. Also, these disabilities could have happened at birth,…
Read MoreTax lesson for teachers: Educator expenses can be written off
Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate Teachers on average spend $530 of their own money during the school year to pay for supplies, snacks for students and other classroom items. Teachers and other educators can get a…
Read MoreUpdating Beneficiary Designations & Benefits of Health Savings Accounts (HSA)
The importance of updating beneficiary designations Most of us have more than enough to do. We’re on the go from early in the morning until well into the evening — six or seven days a week. Thus, it’s no surprise that we may let some important things slide. We know we need to get to…
Read MoreCollege Students: The Gray Area of Exemptions
There’s still time to take advantage of last-minute, tax-saving moves for dependency exemptions. For 2014, there are bigger dependency exemptions, as well as rules that, in some cases, are dauntingly complex.
Read MoreAdvice to Accounting Students: Words of Wisdom from a CPA
Whether you’re a freshman or senior accounting student, taking these tips with you as you enter the brand-new year is one sure way to setting yourself up for success as a future CPA.
Read MoreEducation Expenses FAQs
There is a limited deduction allowed for higher education and related expenses. In addition, business expense deductions are allowed, without a dollar limit, for education related to the taxpayer’s business, employment included.
Read MoreTaxes on College Savings Accounts
In recent years, parents have lent an ear to a similar tune: Take the reins of any and every type of tax-advantaged savings account in order to save for your children’s enormous college bills. The message has resonated very clear. A majority of families are now saving for college using on average two types of college savings vehicles.
Read MoreHelping Grandchildren with College Costs
Contributing to a Section 529 college savings program is a great way for grandparents to help their grandchildren pay for college. It is also a great way to remove assets from the grandparent’s estate without paying estate tax.
Read MoreHigher Education Costs Continue to Escalate
Public four-year colleges are up 4.8% (to an average of $8,655) from last year for in-state tuition and fees. Public four-year colleges are up 4.2% (to an average of $21,706) from last year for out-of-state tuition and fees.
Read More