money - Herman & Co. CPA

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…

Record Retention Guide

Westchester tax preparation firm Herman & Company CPA’s, P.C. has all the answers to your personal finance questions! The American Institute of Certified Public Accountants has developed and distributed detailed a guide for record retention. We reproduce below selections that may be of particular interest to housing cooperatives and condominiums and their residents. Keep Permanently…

Selling Your Home

Tax preparation firm Herman & Company CPA’s in Westchester, NY has all the answers to your personal finance and tax questions! If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time…

Credit for the Elderly or Disabled

White Plains tax preparation firm Herman & Company CPA’s has all the answers to your personal finance and tax questions! You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and…

Tax Shelter

Tax preparation firm in Westchester Herman & Company CPA’s has all the answers to your personal finance and tax questions! A tax shelter is an investment that usually requires substantial contributions with a degree of risk. It often involves current losses to produce future gains. An investment in low income property that provides depreciation benefits…

How Long Should You Keep Your Records?

Tax preparation firm Herman & Company, CPA’s, has all the answers to your personal finance questions! Just how long you should keep records is a matter of judgement, space, and a combination of state and federal statutes of limitations. Returns can be audited for up to 3 years after filing for your Federal return…