tax tip - Herman & Co. CPA

Taxing Social Security Benefits

Some taxpayers must include up to 85% of their Social Security benefits in taxable income, while others find that their benefits are not taxable at all.

Tax Collection and Payment Alternatives

The IRS may take action to collect money if you do not pay the taxes you owe in full, if you do not pay the taxes you owe on time or if you do not make arrangements with the IRS to develop a tax payment plan.

Small Business Health Care Tax Credits

Westchester NY accountant Paul Herman has all the answers to your personal finance questions! Small Business Health Care Tax Credit Changes to the SBHCTC beginning in 2014: The credit increases to 50 percent for small businesses and 35 percent for tax-exempt employers. You must purchase insurance for your employees through SHOP.* The credit is only available to…

Itemized Medical Deductions

Medical expenses paid for a taxpayer’s dependent, such as a parent or grandparent, can be added to the taxpayer’s own expenses for itemized medical expense deduction purposes.

New Tax Rules for Legally Married Same-Sex Couples

Same-sex couples will now be treated as married for all federal tax purposes (income, gift, and estate taxes) where marriage is a factor. The ruling applies to filing status, personal and dependency exemptions, the standard deduction, employee benefits, IRA contributions, and the earned income and child tax credits.

Sale of a New Home

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.

Tax Incentives for Higher Education

Learn how you can maximize your tax deductions through educational tax incentives.

Standard Mileage Rates for 2013

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

10 Ways to Avoid Problems at Tax Time

If you’re looking for ways to avoid last-minute problems with filing your taxes, take a look at our tips.

Deducting Mortgage Interest

Westchester tax preparers at Herman and Company CPA’s have all the answers to your personal finance questions! If you own a home, you can claim a deduction for the interest paid. To be deductible, the interest you pay must be on a loan secured by your main home or a second home. The loan can…