personal finance tips - Herman & Co. CPA

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…

5 Common Mistakes When Applying For Financial Aid

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! Given the astronomical cost of college, even well-off parents should consider applying for financial aid. A single misstep, however, can harm your child’s eligibility. Here are five common mistakes to avoid:…

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…

Retirement Planning Means Peace of Mind in Boca Raton

Boca Raton offers beautiful beaches, world-class shopping, amazing restaurants and warm weather all year round, what’s not to love? That’s why, when thousands of Americans retire every year, many move to sunnier climates in Florida to enjoy the relaxation that comes with retirement. In a fluctuating economy, however, retirement planning doesn’t end on your last…

5 Tips For Holiday Shopping On A Budget

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! The holiday season is upon us! Avoid putting yourself in debt this holiday season by getting organized and developing a budget. Here are 5 tips for holiday shopping that will keep…

5 Financial Areas That May Need Some Spring Cleaning

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 Forbes With the first day of spring right around the corner, this is often a time for much needed spring cleaning. That goes for your finances too! Here are some…

The First 5 Things You Should Do If (WHEN!) You Win The Lottery

When local Westchester resident Kevin Buchanan, a construction work from Yonkers, bought a $20 scratch off ticket on Christmas morning he wasn’t expecting to win $5 million dollars! Deciding to take the lump sum payment, Buchanan ended up taking home $3.2 million dollars. Merry Christmas to him! Buchanan has been very down to earth about…

Standard Mileage Rates for 2015

Rather than keeping track of the actual cost of operating a vehicle, employees and self-employed taxpayers can use a standard mileage rate to compute their deduction related to using a vehicle for business. Likewise, standard mileage rates are available for computing the deduction when a vehicle is used for charitable, medical or moving purposes.

Beware tax ID thieves

We made it through the first week of tax filing season 2015. Unfortunately, during those days some folks’ tax information likely was stolen and used to file fraudulent tax returns.

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…