finance - Herman & Co. CPA

The 3.8% Net Investment Income Tax- More Than Meets the Eye

For business owners, a gain or loss from the disposition of an interest in a partnership or S corporation may be subject to the 3.8% NIIT. However, a complex calculation involving a deemed sale analysis may be required to make this determination.

2014 HSA Amounts

The tax benefits of HSAs are quite substantial. Eligible individuals can make tax-deductible (as an adjustment to AGI) contributions to HSA accounts. Funds in the account may be invested (somewhat like an IRA), so there is opportunity for growth.

The Affordable Care Act

The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (together, the Affordable Care Act), was landmark legislation that dramatically affects how health care is delivered in the United States. Provisions of the legislation affect not only those directly involved in providing health care, but also most individuals and employers.

When to File an Amended Return

Oops! You discovered an error after filing your tax return. Should you file an amended return? The answer depends on the type of error.

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.

How to File a Tax Return Extension Request

Westchester tax preparation in White Plains Herman and Company CPA’s have all the answers to your personal finance questions! Unable to file your income tax return in time? You can request an automatic six-month extension to file from the IRS using Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return.…

Refinancing Your Home

Westchester NY tax preparers at Herman & Company CPA’s have all the answers to your personal finance questions! Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans. Generally, for taxpayers who itemize, the points paid to obtain a home mortgage may be deductible as mortgage interest. Points paid…

Retirement Contribution and Other Limitations for 2013

Westchester tax preparers at Herman & Company CPA’s have all the answers to your personal finance questions! The IRS has announced cost-of-living adjustments affecting the dollar limitations for retirement plans, deductions, and other items. Several of the limitations are higher for 2013 because the increase in the cost-of-living index met the statutory threshold. However, some…

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…

Tax Saving Techniques

Westchester tax preparation firm Herman & Company CPA’s has all the answers to your personal finance questions The following are some generally recognized financial planning tools that may help you reduce your tax bill. Charitable Giving – Instead of selling your appreciated long-term securities, donate the stock instead and avoid paying tax on the unrealized…