financial planning - Herman & Co. CPA

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,…

Retirement investing through the decades

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 Investing to grow your retirement savings is a long-term project. The earlier you begin, the better, thanks to compounding interest. You don’t have to worry about saving a lot…

Herman & Company CPA’s Serves Clients in Delray Beach With An Eye to the Future

As one of only seven states with no income tax, Florida presents unique benefits when it comes to preparing your taxes. Florida also has a variety of property tax exemptions that can reduce taxes for qualified taxpayers, as well as special exemptions for senior citizens, veterans, and the disabled. With a thorough understanding of financial…

Seniors age 70 1/2+: Take your required retirement distribution

The tax laws generally require individuals with retirement accounts to take annual withdrawals based on the size of their account and their age beginning with the year they reach age 70½. Failure to take a required withdrawal can result in a penalty of 50% of the amount not withdrawn.

2015 HSA amounts

Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies who do not have access to health insurance.

Low Income Taxpayer Clinics

The 2015 application period opened May 5, 2014, and closes June 20, 2014. The 2015 Publication 3319, LITC Grant Application Package and Guidelines will be available on IRS.gov and two copies will be shipped to all current clinics. Organizations that must submit a full application must do so via Grants.gov and those that do not must complete their application in Grant Solutions.

Life Situations and Finances: FAQs

Think about paying down your mortgage. This is an effective way for saving and raising net worth for many people. Make a decision to pay a specific amount more than the mortgage principal and faithfully stick to it.

Qualified Charitable Deductions

A QCD is a payment of an otherwise taxable distribution made by your IRA trustee directly to a qualified public charity. The funds must be transferred directly from your IRA trustee to the charity.

Itemized Medical Deductions

Medical expenses paid for a taxpayer’s dependent, such as a parent or grandparent, can be added to the taxpayer’s own expenses for itemized medical expense deduction purposes.

Our 2013 Annual Year-End Tax Planning Letter

Anyone is permitted to make gifts of up to $14,000 per year to an unlimited number of people without having to pay gift taxes. Married couples can make combined gifts of up to $28,000. A married couple wishing to make gifts to two married children and four grandchildren can make gifts of up to $224,000 per year ($28,000 to each child, grandchild and child’s spouse) without paying any gift taxes.