Taxes - Herman & Co. CPA

Should you itemize this tax season? Some important things to keep in mind for 2020.

Should you itemize this tax season? That is a common question for many taxpayers this season. Are you holding off seeing an accountant because you aren’t sure whether or not you will need to itemize? I’m sorry to tell you, the only way you’ll truly know whether or not you should itemize is to ask…

9 Red Flags That Could Get You Audited By the IRS

Getting audited is not common. In fact, the IRS only audited 1 in 160 individual tax returns in 2018. A decade ago, there was an audit rate of 1 in 90. Every year, the number of taxpayers audited has been slowly dropping Cuts at the IRS have resulted in fewer staff members, and, as a…

4 Ways to Pay Less Taxes on Your Investments

If you’re considering jumping into investing (or have already started), you need to know the tactics to avoid paying massive amounts of taxes on them. We’ve compiled a list of tax tips for investors. Check them out. Hold investments for longer than a year Whenever you make money off your investments (aka capital gains) you…

Important Dates In Post-Revolution American Tax History

The Revolutionary War was sparked in part by the British imposing taxes on the American colonists without their permission or consent. Once the colonists had freed themselves from British rule, it was time to establish a government that could pay the debts it had incurred during the conflict. 1777 – Articles of Confederation This was…

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…

The Business & Tax Benefits of Westchester County

Thinking of starting a business? Westchester County is the perfect place to start a business. There are lots of countywide programs to get your business off the ground and geographical benefits from being in Westchester County. Proximity to NYC Depending on where you are in Westchester County, you’ll be close to the bustling economic center…

When an Elderly Parent Might Qualify as Your Dependent

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! It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each…

Ensuring 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?

IRS Says No Decision Yet On 2018 Filing Season Dates

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 Mike Godfrey, Tax-News.com, Washington No date has yet been set for the filing of individual tax returns in 2018, despite rumors to the contrary, according to the Internal Revenue Service…

US Senate Presents A Different Take On Tax Reform

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 Mike Godfrey, Tax-News.com, Washington The Senate Finance Committee released its tax reform plan on November 9, presenting a draft bill with marked differences to that agreed by the House Ways and…