tax deduction - Herman & Co. CPA

6 Tax Deductions That Went Extinct in 2018

The Tax Cuts and Jobs Act of 2017 was called one of the largest tax overhauls in 30 years. It went into effect at the beginning of 2018, which means taxpayers are starting to feel the impact now. Some households will benefit from it, others will not. Here are some deductions that have been eliminated or…

Deducting transgender medical expenses

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 Bruce Jenner has a new life as Caitlyn Jenner. She revealed her new look this week on the cover of Vanity Fair magazine. It’s the most followed male-to-female transgender…

Midyear Tax Planning Ideas

Tax planning is a year-round process, so now is a good time to think about the following:Are you considering making a cash gift to a relative? If so, consider making the gift in conjunction with the overall revamping of your stocks and mutual funds held in taxable brokerage accounts to achieve better tax results

Tax Incentives for Higher Education

Learn how you can maximize your tax deductions through educational tax incentives.

Standard Mileage Rates for 2013

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

Deductible Home Offices

Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction.

Filing Status Implications

Westchester tax preparation Herman & Company CPA’s has all the answers to your personal finance questions! For married taxpayers, the implications of filing a joint or separate return extend beyond tax rates and the standard deduction. Like many aspects of income taxation, there is usually more than one approach to finding the optimal solution. We…

Maximizing the Deduction for Start-Up Expenses

Westchester Tax Preparation firm Herman & Company CPA’s has all the answers to your personal finance questions! Individuals starting a new business or acquiring the assets of an existing business often incur start-up expenses, which can be considerable, in the investigation and acquisition phase before actual business operations begin. Most start-up expenditures can be segregated…