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The Business & Tax Benefits of Westchester County

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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 of New York City without having to deal with commuting to the city.

You’ll also be located close to Connecticut and parts of upstate New York.

That means you’ll be within drivable range for all of these areas.

Get Ahead With Westchester’s IDA Program Benefits

Westchester County Industrial Development Agency (IDA) can help you grow or start your business.

Use the benefits from this program to:

  • Build or renovate office parks or buildings
  • Develop mixed-use projects including hotels, marketers, medical office space, etc.
  • Support extensive multi-family and multi-use residential

This past January, the agency funded $391 million worth of residential projects in 2019. They’ve helped get hundreds of businesses off the ground and have given them a variety of benefits. For more details, check out IDA’s website.

Tax Exemptions

The IDA agency can also provide exemptions for use and sales tax in the following areas:

  • Construction
  • Furnishings
  • Business equipment
  • Related capital improvements

Check out the policy here.

Westchester County wants businesses to move in, so find out what both the county and the town/city you’re in offers in the way of incentives.

Image: Fred Murphy/C.C 2.0

Responsive and Knowledgeable White Plains Accounting Firm With a Personal Touch

White Plains Accounting Firm

In business and personal finance, accountants are often unsung heroes. They can find legal means of saving you money on your taxes. They protect companies from theft and prevent costly financial blunders. And, they can make sure that your family members will be provided for after you’re gone.

Today, accounting software may be plentiful, but there’s still no substitute for human judgment when it comes to monetary matters. In fact, it’s more important than ever to work with a top-notch local accounting firm, one that offers a variety of personalized services. That’s because simple business decisions, routine financial transactions and shortcuts to financial stability and success no longer exist.

In the Metropolitan New York, Connecticut and New Jersey area, Herman & Company CPA’s, P.C. is just such a firm. We’ll get to know you well and we’ll learn about your business and investments to provide top-notch service.

Help With QuickBooks

You may rely on an accounting program such as QuickBooks to handle your transactions. Indeed, QuickBooks is an outstanding choice, as it lets you track expenses, automate payments, create reports and bill clients. However, this program is not a sufficient replacement for the experience and prowess of a knowledgeable CPA.

If you do use QuickBooks, we can provide you and your employees with individual or group training sessions. We could also install this software ― on a computer or a network ― so that one or more people may use it. Further, we can set up each component of the program or enhance the setup you already have.

As time passes, if you have questions or problems regarding QuickBooks payroll or accounting, we’ll gladly aid you with those features. Additionally, we can look over your QuickBooks reports and other documents to make sure they’re accurate and that you know how to use them to run your business efficiently and profitably. If you would like, we will conduct those reviews on a monthly or quarterly basis.

A Wide Range of Resources

Finally, we offer each of our prospective clients a free consultation with no obligations. Other than sending you a note of thanks, we won’t contact you after this meeting unless you request to hear from us again. And that consultation could be a major step toward reaching your personal or business’s financial goals!

 Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York.  He provides guidance and strategies to improve clients’ financial well-being.

State tax cost of Tom Brady suspension

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.com

The National Football League has spoken. Tom Brady will sit out the first four games of the 2015 season for his role in the improperly inflated footballs scandal during last season’s playoffs.
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The punishment for Deflategate, as the football air pressure incident has become known, is based on findings in the 243-page Wells Report that it is “more probable than not” that the New England Patriots’ star quarterback violated league rules.

Jock tax cost

Patriots’ fans, as well as the millions who play fantasy football, are freaking out about the loss of such a valuable player for a quarter of the NFL’s 2015 regular season.

So are Massachusetts and New York tax collectors.

If Brady doesn’t win his expected appeal of the suspension, he won’t play in two home games in Foxborough, Massachusetts. He’ll miss road games in Buffalo, New York, and Arlington, Texas.

Three of those four games are in states that collect income taxes. And jock taxes, the share of well-paid athletes’ earnings that states and some cities get when players come to play games, provide a nice chunk of change for state treasuries.

Brady’s 2015 NFL base salary of $8 million means he will lose around $500,000 per game.

That’s $1 million that won’t face taxes from home games in Massachusetts against the Pittsburgh Steelers and Jacksonville Jaguars.

New York’s tax collector will lose its part of half a million dollars that Brady won’t get for the Buffalo Bills home game.

Only the match-up between the Patriots and Dallas Cowboys is immaterial for state tax purposes since Texas has no income tax.

And we can’t forget Uncle Sam. The U.S. Treasury also will take a hit from the $2 million that Brady won’t be paid.

Tougher on states than Brady?

While $2 million is a lot of money, the punishment isn’t really that big of a deal to Brady, a two-time NFL most valuable player who earned his fourth Super Bowl ring in February.

His NFL salary is only a small part of his overall net worth, which Celebritynetworth.com estimates at $120 million. Plus, Brady married up financially. His wife, Brazilian super model Gisele Bundchen, is estimated to be worth $320 million.

Struggling states, however, will miss every tax dollar they can’t collect from Brady this fall.

Maybe those state tax officials will file a friend of the NFL appellate hearing brief in support of leniency for Brady.

Herman and Company CPA’s proudly serves Bedford Hills NY, Chappaqua NY, Harrison NY, Scarsdale NY, White Plains NY, Mt. Kisco NY, Pound Ridge NY, Greenwich CT and beyond.

 

Any U.S. tax advice contained in the body of this website is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.