Tax Deductions
Everything Parents Need About the 2021 Child Care Credit
While the monthly child tax credit payments have gotten more attention, The American Rescue Plan Act (March, 2021) offers increased money at tax time. The Enhanced Child and Dependent Care (ECDC) credit, often confused with the Child Tax Credit, is intended to help parents by providing a boost at tax time to help cover the…
Read MoreEverything you need to know about Cryptocurrency Tax Laws
Over 13% of Americans started investing in cryptocurrency last year, compared to 24% who invest in traditional stock options. The growing popularity of cryptocurrency is starting to attract much attention, especially from the IRS. Prior to this, cryptocurrency sort of lived in this grey area when it came to reporting. As it’s become more mainstream,…
Read MoreShould you itemize this tax season? Some important things to keep in mind for 2020.
Should you itemize this tax season? That is a common question for many taxpayers this season. Are you holding off seeing an accountant because you aren’t sure whether or not you will need to itemize? I’m sorry to tell you, the only way you’ll truly know whether or not you should itemize is to ask…
Read More3 Tax Benefits for New York Veterans
Current and former members of the military are eligible for certain tax exemptions. In today’s post, we’ll examine a handful of the exemptions available for New York veterans. As many as half a million New York veterans benefit from property tax exemptions, many of which are offered by local governments.
Read More6 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 More6 Tax Deductions That Went Extinct in 2018
The Tax Cuts and Jobs Act of 2017 was called one of the largest tax overhauls in 30 years. It went into effect at the beginning of 2018, which means taxpayers are starting to feel the impact now. Some households will benefit from it, others will not. Here are some deductions that have been eliminated or…
Read MoreThe Business & Tax Benefits of Westchester County
Thinking of starting a business? Westchester County is the perfect place to start a business. There are lots of countywide programs to get your business off the ground and geographical benefits from being in Westchester County. Proximity to NYC Depending on where you are in Westchester County, you’ll be close to the bustling economic center…
Read MorePreparing for Tax Season 2019
We know it’s not even Christmas yet, but some of you are probably wondering what the new tax law will mean for your finances heading into 2018. The news can’t decide if the changes are good or bad, but the answer for you will depend on your individual circumstances. Here is some basic information to help…
Read MoreWhen an Elderly Parent Might Qualify as Your Dependent
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! It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each…
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…
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