Posts Tagged ‘tax deductions’
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…
Read More6 Tax Deductions That Went Extinct in 2018
The Tax Cuts and Jobs Act of 2017 was called one of the largest tax overhauls in 30 years. It went into effect at the beginning of 2018, which means taxpayers are starting to feel the impact now. Some households will benefit from it, others will not. Here are some deductions that have been eliminated or…
Read MoreThe Business & Tax Benefits of Westchester County
Thinking of starting a business? Westchester County is the perfect place to start a business. There are lots of countywide programs to get your business off the ground and geographical benefits from being in Westchester County. Proximity to NYC Depending on where you are in Westchester County, you’ll be close to the bustling economic center…
Read MoreWhen an Elderly Parent Might Qualify as Your Dependent
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! It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for an adult-dependent exemption to deduct up to $4,050 for each…
Read MoreEnsuring Your Year-End Donations Are Tax-Deductible
Many people make donations at the end of the year. To be deductible on your 2017 return, a charitable donation must be made by December 31, 2017. According to the IRS, a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean?
Read MoreTax lesson for teachers: Educator expenses can be written off
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! By Bankrate Teachers on average spend $530 of their own money during the school year to pay for supplies, snacks for students and other classroom items. Teachers and other educators can get a…
Read MoreA Dozen Deductions For Your Small Business
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! By Bankrate A small business offers plenty of opportunities for tax deductions. Just be sure to follow IRS rules. Here are 12 that even savvy small-business owners and entrepreneurs sometimes forget.…
Read MoreTax law changes mean inflation adjustments
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! By Bankrate In addition to making some temporary tax breaks permanent, 2 measures that became law on Dec. 18, 2015, also provide for annual inflation adjustments to the tax benefits. The Protecting…
Read MoreIndividual 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.
Read MoreWeddings 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.
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