Blog

Easy ways to save money

Easy ways to save money

We are midway through the year.  Before you know it, it will be holiday season.  Now is a good time to like at your expenses to find ways to cut them down and save money. Know your expenses. Keep track of all of your expenses…
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Tips for Business Owners

Finance Tips for Business Owners

According to Eric Siu, CEO of Single Grain and Founder, Growth Everywhere, there are 5 major financial tips every business owner should adopt: Don’t’ Procrastinate. Time is money.  Procrastinating on getting your accounting work…
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Travel Season is here

Travel Season is here

Spring is here and with the warm weather comes vacation.  Nothing could ruin a vacation more than a financial mishap while traveling.  Here are a few tips to ensure the fun, relaxing vacation we all desire. Clean your wallet.…
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Spring Paperwork Clean up

Spring Paperwork Clean up

As we bounce into spring here is one important step you can take to clean your financial House. Know how long to keep paperwork Here’s what to keep, and for how long: Copies of your tax returns. Keep these forever. “They help in…
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2018 Tax Brackets

What the 2018 tax brackets, standard deductions look like under tax reform 2018 Income Tax Brackets: Old Rate New Rate Individuals Married Filing Jointly 10% 10% Up to $9,525 Up to $19,050 15% 12% $9,526 to $38,700 $19,051…
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The 2015 tax extenders legislation — the PATH Act — what is this?

On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Many popular tax breaks had expired December 31, 2014, so for them to be available for 2015, Congress had to pass legislation extending them.…
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Tender Hearts Participates in 7th Annual Delaware Mud Run

Tender Hearts is proud to participate in the Seventh Annual Delaware Mud Run to support Leukemia Research. This team is going down and dirty in the mud to help raise money for cancer warriors. Get yourself on board by supporting this team!…
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Vote for Doherty & Associates

 A Happening List badge for your website - See more at: http://northdelawhere.happeningmag.com/happeninglist/frequently-asked-questions/#sthash.KOtpXCVw.dpuf Voting is at this link: http://northdelawhere.happeningmag.com/happeninglist/people-accountantcpa-2015/ Once…
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Can’t Pay Your Tax Balance?

Can’t Pay Your Tax Balance? Your just received you tax return and can’t pay the balance due in full. What do you do? FILE YOUR RETURN ON TIME.  This avoids the penalties for late filing. RESPOND TO ALL NOTICES.  “Do Not” ignore…
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Traditional Individual Retirement Accounts (IRA’s)

Traditional Individual Retirement Accounts (IRA’s) Who can contribute? You can open and contribute to a traditional IRA if: You have taxable compensation, and Are under age 70½ at the end of the year Taxable compensation is…
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Roth IRA’s

Roth IRA’s Roth IRA’s are individual retirement accounts that are subject to the same rules as a traditional IRA with some major distinctions. Roth IRA contributions are not deductible. Qualified distributions are not taxable. You…
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Repairs or Improvements – the new tangible property regulations for small business.

The IRS has released the final regulations, effective January 1, 2014, that govern when you must capitalize and when you can deduct expenses related to tangible property. Here we will discuss some of the provisions for small businesses (generally…
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How are Children Taxed? The Kiddie Tax on Investment Income.

There are a set of rules that apply to the taxation of children and investment income.  This set of rules is known as the Kiddie Tax.  The Kiddie Tax applies to children with investment (unearned) income who are under age 19 or under age 24…
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Doherty & Associates - Bookeeping

Can’t Pay Your Tax Balance?

You just received you tax return and can’t pay the balance due in full.  What do you do? FILE YOUR RETURN ON TIME.  This avoids the penalties for late filing. RESPOND TO ALL NOTICES.  “Do Not” ignore the taxing authorities. Pay…
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Are you taking advantage of the tax deductions on your settlement sheet?

If you are a landlord, most items on a settlement sheet have to be capitalized and amortized over the life of the mortgage, however: Interest expense from the time of settlement until your first mortgage payment is deductible. The amounts…
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Can you claim the small employer health insurance tax credit?

The small employer health insurance tax credit was enacted as part of the Patient Protection and Affordable Care Act (Obamacare).  The purpose of this part of the law is to help small employers defray some of the cost of providing health insurance…
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What is the Alternative Minimum Tax?

What is the Alternative Minimum Tax? In 1969 the Alternative Minimum Tax was enacted to assure that the rich pay at least a minimum amount of tax.  This is accomplished in a number of ways. The first is by eliminating certain deductions.…
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Tuition Tax Incentives

There are several tax incentives in the form of credits and deductions currently available to help offset ever increasing higher education expenses for you, your spouse, and dependents. Tax Credits Currently there are two tax credits available. The…
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Understanding the Home Mortgage Interest Deduction

If you itemize deductions, chances are that you are taking a deduction for home mortgage interest. Here are a few things that you should know: Home acquisition debt is defined as a mortgage used to buy, build or improve either your principal…
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When does a real estate investor become a dealer and what are the consequences?

Well, as with most tax questions, the answer is, it depends. Investor vs. Dealer. When we think of a real estate investor, we think of someone who purchases and holds real estate for rental income and/or appreciation over a period of time. …
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DOHERTY & ASSOCIATES - COMPANY

Deducting Charitable Contributions

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…
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Taxation of Bitcoins and Other Virtual Currencies

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…
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Are you doing business in more than one state?

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…
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Work Related Educational Expenses as they Relate to Real Estate Investors

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…
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Doherty & Associates - Office Building

Can you qualify as a Real Estate Professional?

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…
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The End of Some Deductions & Credits May Affect Your Business!

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,…
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Doherty & Associates Recognized on PRWeb

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…
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Doherty & Associates - Bookeeping

Work from Home? Consider the Home Office Deduction!

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…
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Are you Interested in Investing in Real Estate?

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…
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Doherty & Associates First Annual Charity Benefit

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…
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Contact Us

4550 Linden Hill Rd Suite 130 Wilmington, DE 19808

Phone: 302-239-3500
Fax: 302-239-3600
[email protected]

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