Tax Tip - Herman & Co. CPA

Collecting unemployment? Here’s How It Will Impact Your Taxes

Are you collecting unemployment? As of June 2020, the unemployment rate in America was at an estimated 13.3%. That’s down from 16% and those numbers don’t even reflect the scale of how many have had their income cut or lost their job due to the COVID-19 virus. We’ve just passed the July 15 extended tax…

3 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.

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…

How The Tax Cuts and Jobs Act (TCJA) Affects Fantasy Sports

Fantasy sports is becoming increasingly popular, with 59.3 million people playing in the United States and Canada, creating a $7 billion industry. With this though, comes tax implications for winners. The Tax Cuts and Jobs Act (TCJA) provides tax opportunities and drawbacks that fantasy players should understand. There is currently an ongoing debate how winnings…

3 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,…

4 Ways to Pay Less Taxes on Your Investments

If you’re considering jumping into investing (or have already started), you need to know the tactics to avoid paying massive amounts of taxes on them. We’ve compiled a list of tax tips for investors. Check them out. Hold investments for longer than a year Whenever you make money off your investments (aka capital gains) you…

1099, W2, W4, W9 – what’s the difference?

Fill out this 1099 form. Did you get your W2 from your employer? Fill out this W4 form. Keeping all the tax forms straight is a challenge. In today’s post, we go through the difference between the most commonly filled out tax forms. That way, you know what you’re signing and why. Form W4 This…

How Moonlighters Can Get Enough Tax Money Withheld

If you were left surprised (and maybe a little hurt) from your latest tax return and you work as both a W2 employee and have 1099 side gigs, this article is for you. The Current State of the Side Hustle The side hustle is a common part of our society today. The latest figures say…

When 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…

Help Prevent Tax Identity Theft By Filing Early

If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 17 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 15. But there’s another date you should keep in…