Personal Finance - Herman & Co. CPA

Time to make year-end tax moves

Tax season finally ended, with millions of tax stragglers getting their 2013 returns into the Internal Revenue Service by the Oct. 15 extension deadline.

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:

Individual Year End Tax Planning Ideas

As we approach year end, it’s time again to focus on last-minute moves you can make to save taxes — both on your 2014 return and in future years. Here are a few ideas.

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…

Weddings Mean Tax Changes & Small Business Resources

It may not be as high on the wedding plan checklist as the venue, invitations and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding.

2015 HSA amounts

Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies who do not have access to health insurance.

Required Health Insurance for 2014

Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act (ACA) requires you and each member of your family to have qualifying health insurance (called minimum essential coverage), have an exemption, or pay a shared responsibility penalty with your 2014 individual income tax return, Form 1040.

Midyear Tax Planning Ideas

Tax planning is a year-round process, so now is a good time to think about the following:Are you considering making a cash gift to a relative? If so, consider making the gift in conjunction with the overall revamping of your stocks and mutual funds held in taxable brokerage accounts to achieve better tax results

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:

Low Income Taxpayer Clinics

The 2015 application period opened May 5, 2014, and closes June 20, 2014. The 2015 Publication 3319, LITC Grant Application Package and Guidelines will be available on IRS.gov and two copies will be shipped to all current clinics. Organizations that must submit a full application must do so via Grants.gov and those that do not must complete their application in Grant Solutions.