If you itemize deductions, you may deduct contributions of money or property made to the following types of organizations qualified under section 170(c) of the Internal Revenue Code: A state or United States possession, or the United States or the District of Columbia, if made exclusively for public purposes; A community chest, corporation, trust, fund, […]
Bitcoin and other virtual currencies are becoming more popular by the day. Retailers such as Overstock.com are now accepting bitcoin as payment. As of the end of 2013 it is estimated that over one million people owned bitcoins. In March of this year, the IRS issued Notice 2014-21 which addresses the tax consequences of Bitcoin […]
If you are contemplating expanding your business into more than your home state, there are several factors to consider. Do I need to register in the other states? The answer to this (like so many other tax questions) is it depends. If you have a physical presence in another state, e.g. a retail location, then […]
Many people who are just getting involved in real estate investing are spending large amounts of money on real estate education classes. The question is not are these classes worthwhile, but whether or not these expenditures are deductible. Several factors must be considered before this question can be answered. Are the expenses “ordinary and necessary” […]
By law real estate rental is a passive activity. Passive losses are only deducible to the extent that they offset passive income. Additionally, passive rental income can be subject to the new 3.8% tax on net investment income. There is a special provision that allows individuals to deduct up to $25,000 of rental losses. However, this provision […]
If you are a business owner, you must be aware of important tax changes that could impact your company finances. While many tax rules are permanent, others are written to expire at some point in the future. Some are extended and given new deadlines, but a significant number of popular “extenders” terminated at the end […]
PRWeb recently recognized Doherty & Associates for our first fundraiser for The Ronald McDonald House of Delaware. Debria Doherty, Doherty & Associates President & CEO, summarized it best when she said, “It is very heartwarming to offer support to families that are experiencing one of the most traumatic events in their lives. I am very proud of […]
Home offices have been increasingly growing and employees who work at home represent a growing segment of the work force. If your home office is used exclusively and regularly for business purposes you should be aware that the IRS has created a “simplified option” for calculating the deduction for the business use of your home. […]
If you are interested in investing in real estate, you should attend the “Smart and Clean” Real Estate Investing Event—sponsored by DELREIA on Saturday, Jan 25th, 2014. Go here to watch a short video that explains what the event is all about and how to get registered! Additional details about the event are below. We hope […]
As the holidays are winding down and the New Year is upon us, I wanted to take a moment to give a special ‘Thank You’ to those who supported and contributed in Doherty & Associates First Annual Ronald McDonald House of Delaware Charity Benefit last month. Giving back to the community is deeply ingrained in […]