Posts Tagged ‘Personal Finance’
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…
Read More5 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:…
Read MoreEnsuring Your Year-End Donations Are Tax-Deductible
Many people make donations at the end of the year. To be deductible on your 2017 return, a charitable donation must be made by December 31, 2017. According to the IRS, a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean?
Read MoreShould filers be prodded to save tax refunds?
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 It’s that time of year when I — and other tax specialists — nag, I mean encourage, you to adjust your withholding so that you don’t get a big refund. Our argument…
Read MoreStandard 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.
Read MoreDetails 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…
Read MoreSocial Security and Medicare Amounts for 2015
The annual inflation adjustments have also impacted the various Social Security amounts and thresholds for 2015.
Read MoreTax Calendar Q1 2015
Your 2015 Tax Calendar Is Here.
Read MoreNew Law Creates Tax-Favored Savings Accounts for Disabled Taxpayers
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! As part of the larger tax extender legislation passed on Tuesday, Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014 (H.R. 647), which will allow disabled individuals to…
Read MoreSupersizing your charitable contribution deductions
You might want to consider three charitable giving strategies that can help boost your 2014 charitable contribution deduction.
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