income tax - Herman & Co. CPA

Trump dumps 0% tax-rate proposal

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! When Donald J. Trump issued his original tax plan in September of last year, the then-candidate for the Republican presidential nomination promised that some Americans wouldn’t owe any tax…

Rich tend to stay put despite high taxes

Opponents of higher taxes on the wealthy often invoke the fable about the disastrous killing of the goose that laid the golden eggs. Over-taxing the rich, they argue, will produce the same results metaphorically. The rich will simply move, taking their money with them. New research, however, indicates that those opposing taxes for the wealthy…

Details of the President’s State of the Union Tax Proposals

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! President Barack Obama used Tuesday’s State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers. Ahead of the…

Individual Year End Tax Planning Ideas

As we approach year end, it’s time again to focus on last-minute moves you can make to save taxes — both on your 2014 return and in future years. Here are a few ideas.

Fourth Quarter Tax Planning

Despite these tax increases, the current federal income tax environment remains relatively favorable by historical standards. This article presents some tax planning ideas to consider this fall that may apply to you and/or your family. Note that it is critical to evaluate all tax planning strategies in light of the alternative minimum tax (AMT).

The Tax Calendar

Electing large partnerships that received an additional six-month extension must file their Forms 1065-B today.

Tips and Taxes

Westchester tax preparers at Herman & Company CPA’s have all the answers to your personal finance questions! Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant or drive a taxicab? The tip income you receive as an employee from those services is taxable income, advises the IRS. As taxable…