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…

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Tax Scam Alert

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 incidents of an aggressive telephone scam continue across the country, the IRS warns taxpayers not to be fooled by imposters posing as tax agency representatives. You can read the…

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Federal Income Tax Withholding Adjustment & Tax Calendar

With over half the year already gone, now is a good time to check to see if you are on track to have about the right amount of federal income tax withheld from your paychecks for 2014. The problem with not having the correct amount of taxes withheld for the year is that:

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ATM Transaction FAQ’s

How do ATM transactions work? There are a variety of electronic transactions one can execute: ATMs allow you to bank electronically, get cash, make deposits, pay bills, or transfer funds between accounts. These machines are used with a debit or ATM card and a personal identification number.

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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.

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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…

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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…

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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…

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