It is common for taxpayers to donate property to charitable organizations. There are many important rules to be aware of when making noncash contributions – an area that the IRS is scrutinizing with greater focus.

Regardless of what type of property has been donated, the taxpayer is generally entitled to a deduction equal to the fair market value of the property at the time of the contribution. The most prevalent property donation involves clothing and household goods, whether donated to national organizations such as The Salvation Army and Goodwill Industries, or to local thrift shops and religious institutions. In order to claim a deduction for donations of clothing or household goods they must be in good used condition or better.

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The 2016 Leading Women Entrepreneurs finalists were announced and invited to network together on May 4 at the Money, Power, Procurement and Media event held at The Palace at Somerset. They joined hundreds of top women business leaders at an event that not only celebrated the distinguished achievements of New Jersey’s top women business leaders, but provided actionable information and connections that would foster further growth.

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A homeowner can deduct mortgage interest paid on a loan secured by either their principal residence or one secondary residence (qualified home). The definition of a residence includes stock in a cooperative housing corporation owned by a tenant-stockholder, often referred to as a co-op apartment. A boat can also qualify as a residence as long as it has a kitchen and sleeping facilities. If a taxpayer owns more than two residences, only one of the secondary residences can qualify for a home mortgage interest deduction, even if the taxpayer has no mortgage on their principal residence. A deduction cannot be claimed when a loan is taken out on one residence and the borrowed funds are used to purchase or construct a different residence.

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Recently, we were interviewing candidates for a Door Opener® position for our company. There were two excellent candidates we were considering for an assignment. They both had similar skill sets and the same amount of experience, and both interviewed well. They both came to us by referral sources we trusted. How did we choose when […]

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LWE in

April 26, 2016 / in LWE in the News

Break the glass ceiling at Leading Women Entrepreneurs conference and networking event

Imagine this is your reality: Your business is thriving and the salary that you were making annually is your monthly income. You are attracting more clients than ever imagined. You have funding to scale your company nationally or even globally, and now the media is featuring you as an industry expert.

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President Obama’s Final Budget Proposal

April 5, 2016 / in LWE in the News

On February 9, 2016 the president released his federal budget proposals for the 2017 fiscal year ending September 30, 2017. This article summarizes many of the tax changes contained in the budget proposal.

Business Tax Proposals

• Increase the maximum Sec. 179 expense limitation from $500,000 to $1 million
• Expand use of the cash method of accounting by small businesses to those entities with average annual gross receipts below $25 million over the preceding three tax years

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Our Sponsors

I just wanted to reach out to Thank you for all of your advice from the Money Power and Media event last May. I have been really proactive with all of your steps and I am starting to see a big difference. Getting involved with the LWE has really helped to get me out from behind the scenes, improve my self-confidence and get myself and company out in the media. I am now on the Board of Directors for the PWC NJ, was recently asked to be on my first panel (see below) and today Vericon was listed in the NJBIZ Top 250 Privately Held Companies in NJ. We are #142 !!! And of course the biggest accomplishment of the year, being a Top 150 2016 finalist for LWE. 2016 has been a huge year for me !

Tricia Russel Vohden

New York

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