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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…

Senators seek tax relief for student loan burdens

By Bankrate 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! College graduates in 2015 owed an average of slightly more than $35,000 on their education loans. Overall, student debt is around $1.3 trillion and growing. With those kinds of…

Bill would make some forgiven student loans tax-free

By Bankrate 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! Owing a debt you can’t repay is bad. Owing federal taxes on that debt amount even after you no longer have to pay it back is even worse. Federal…

Low tax receipts point to Nov. 5 debt deadline

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 Congress has until Nov. 5 to raise the federal debt limit. If lawmakers don’t act by then, Uncle Sam won’t be able to pay his bills. The deadline was…