Money Saving Tips - Herman & Co. CPA

3 Tax Benefits for New York Veterans

Current and former members of the military are eligible for certain tax exemptions. In today’s post, we’ll examine a handful of the exemptions available for New York veterans. As many as half a million New York veterans benefit from property tax exemptions, many of which are offered by local governments.

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…

3 Essential Tips for Financial Planning When You Have a Disability

Having a disability is not quite as rare as many people think. In fact, about 14 percent of adults around the world have a disability of some kind. This includes people who have a physical, mental, intellectual, or sensory limitation at a mild, severe, or moderate level. Also, these disabilities could have happened at birth,…

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…

The new card skimming is called ‘shimming’

Remember the card skimming wave, in which fraudsters attach false fronts to outdoor ATM and gas pump point-of-sale terminals to harvest the details off your card’s magnetic stripe and clone your card?

Social Security and Medicare Amounts for 2015

The annual inflation adjustments have also impacted the various Social Security amounts and thresholds for 2015.

Gift-giving tax rules

Still looking for a last-minute or belated Holiday gift? Think cash!

Some people shy away from giving money because they think it’s tacky. Others are leery because of possible tax complications.

You’ll have to consult with Miss Manners about the propriety of gifting cash. But I can help allay some of your financial gift giving tax concerns

New 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…

Seniors age 70 1/2+: Take your required retirement distribution

The tax laws generally require individuals with retirement accounts to take annual withdrawals based on the size of their account and their age beginning with the year they reach age 70½. Failure to take a required withdrawal can result in a penalty of 50% of the amount not withdrawn.

Eight Tips for Deducting Charitable

If you are looking for a tax deduction, giving to charity can be a “win-win” situation. It’s good for them and good for you. Here are eight things you should know about deducting your contributions to charity: