Financial Services by:
 Dougherty Financial Consultants

With offices in Philadelphia and South Jersey,  the Certified Public Accountants (CPA’s) at Dougherty Financial Consultant’s provide comprehensive accounting, bookkeeping, tax preparation, payroll processing as well as a variety of personal and business insurance products. We are committed to meeting all your financial service needs as an individual and/or business owner. CPA 08088

 

 We are experts in small business accounting, offering innovative solutions to all your small business bookkeeping services, tax accountant, payroll services and business insurance needs. At Dougherty Financial Consultant’s, we take pride in providing the value our clients expect and deserve.

 
Jacquey Dougherty has been a C.P.A. in Pennsylvania since 1978 and in New Jersey since 2009. She is a Licensed Insurance Producer in Pennsylvania and New Jersey since 1999. She is also a Certified Senior Advisor since 2004.

CPA tax preparation and retirement plan for small business. To do bookkeeping by bookkeeper or book keeper. What is bookkeeping? For the estate plan and how do I set up a business?CPA 19145


Philadelphia   215-462-8970                      South Jersey 609-654-7783
1625 Oregon Avenue                                                         37 Breckenridge Drive
Philadelphia, PA 19145                                        Shamong, NJ  08088
 
 
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What are
Financial Services?

It is important for every individual or small business owner to know what financial services are and how a financial service provider can help them achieve their financial goals. Federal tax laws and local tax regulations change periodically. An individual and small business owner who want to avoid penalty and take advantage of expert strategies should keep up with these ongoing changes. At Dougherty Financial consultants we realize that you have enough on your plate without having to educate yourself about income tax preparation, financial planning and accounting strategies. our CPA is keenly aware of the latest in all of these categories and is ready and able to keep you well informed and to use this knowledge to your advantage. whether it be information on tax preparation and strategies, estate planning, retirement planning, payroll or bookkeeping, Dougherty Financial Services makes use of the most efficient and effective financial strategies not often known by a less informed accounting service provider.

We like to keep our clients in the loop as well. We provide ongoing financial and tax preparation information on line.
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Accounting News
What you need to know about your finances.
small-business-insurance.jpg 2016-06-28   Does Your Small Business have the Right Insurance Coverages?

So, your small business has finally begun to be successful after many years of dreams, saving and working your fingers to the bone. When you started the business, perhaps you cut a few corners by taking the minimum insurance coverages that you could get away with against the advice of your accountant and insurance agent – it was either that or stop eating, remember? Dougherty Financial Consultants, Inc. could help you review your coverages and determine if they are adequate in light of your success in your business. Please call us!



2016-06-16   Proposed Changes to Retirement Plans
A Bipartisan commission was created in 2014 to study the U.S. retirement system and offer public policy recommendations to increase the financial security of Americans in retirement.  The commission focused on four areas:
  • Improving federal policies for private savings
  • Expanding access to retirement savings vehicles
  • Preserving Social Security for future generations
  • Increasing financial literacy and fostering a culture of personal savings
Clearly the retirement savings and emergency savings, overall, of Americans is woefully poor and focusing on these areas is welcome and needed.  On Thursday, June 9th, the Commission released their recommendations in a 146-page report.  If all the recommendations were to be enacted, the profile of retirement plans and social security will be dramatically changed.



2016-04-29   Personal Finance Thoughts for the New Graduate

   As I think about those in their 20s who are beginning their careers in this very difficult economic environment as they graduate from college, I wanted to pass along a few thoughts from my many years as a C.P.A. to those who choose to hear them.

   As trite and old-fashioned as it may sound, it is so important to create a budget for yourself, but more importantly that you stick to that budget.  The budget should detail your monthly income and expenses, with the very first line of the expenses (giving it the importance that it always should have) being paying yourself, or putting money in a savings account.  Even if you are living on a shoe string, you should be able to save at least $1.00 each month.  If you start the good habit of saving money every month, then each and every time your income goes up, you can increase your savings and before you know it, you have a nest egg.  In creating your budget, be realistic about what you can afford, track your spending to make sure that you are living the budget. 

   Channel your savings into the following priorities: 

1.      Regular savings until you have at least 6 months – 18 months of cash expenses in your savings account as your emergency fund.

2.      Long-term investments:  it is truly never too early to start saving for your retirement.  But, also split this long-term investment savings between retirement and other large purchases that you look to make within 10 years (a house, for instance).

   Establish a good credit history.  Open a credit card account if you haven’t already done so, but be sure to pay on time every time so your credit score will increase.  Also establish a good paying record for your student loans.  So many opportunities today are tied to your credit history, including the amount of your property and casualty insurance premium and the rate you will be offered when you want to take out a mortgage.

It may be a long time since I graduated from college, but I do remember the temptation of spending when you receive your first few paychecks after living like a pauper for the 4 (or more) years of school.  If you commit to taking these steps and sticking to them, your financial health will begin well and continue to prosper for your entire career.

Jacquey Dougherty, C.P.A.



2015-01-12   Is Your Small Business Adequately Insured to Protect Your Wealth?

Too many small businesses cut corners (either financial or time) and do not adequately cover their business with property and casualty insurance.  Are you among those?

It is critical for a small business to have a Businessowners’ policy and perhaps other liability policy(ies) not only for the coverage of your business property, but most importantly to cover all the significant liabilities that your business may face.  Most of the small business owner’s wealth is tied to the business he/she has built.  If someone initiates a lawsuit, both the business’ wealth and your personal wealth could be at risk.  The business insurance premiums are well worth the peace of mind the policies provide.  Lawsuits can be initiated for a whole host of reasons:  wrongful dismissal, bad advice, and slips and falls inside or outside the property.  Some of these risks would be covered in a typical businessowners’ policy and others require a specialty policy.  Without the proper type of insurance and adequate coverage, the owner could lose far more than they can afford.

Two types of risks you should seriously consider are employment practices liability insurance and professional liability insurance.  Recent high levels in the  unemployment rate have led to increases in claims under the Equal Employment Opportunity Act of 15%; the Equal Employment Opportunity Commission indicated that claims are at their highest level in the 44 year history of the Commission.  These claims are generally excluded from the typical businessowners’ insurance policy.  Many smaller businesses, especially those who consider their employees to be an extension of their family, do not have the specialty employment practices liability insurance policy necessary to cover this risk because they feel it to be too expensive or unnecessary for their business.  Not terribly long ago a client of mine who had declined to have this coverage then had the unpleasant experience of being sued by a former employee who claimed age discrimination when the employee could no longer physically perform the duties required for her job.  She was offered a different job which she refused, and when she was subsequently terminated, she sued.  Engaging attorneys to represent my client, and the process of defending the claim consumed my client taking much valued time away from running her business.   Even though my client ultimately triumphed in the matter, the loss in the growth of the business as a result was hurtful.  Although not inexpensive, my client has been covered with employment practices liability insurance ever since and certainly sees the value of the coverage.

Many consultants whose businesses are providing advice and counsel of various kinds to their clients neglect to follow advice of their insurance professionals that they should be covered with professional liability insurance.  Like the employment practices liability insurance, part of the greatest value in the coverage is knowing that the insurance company will engage legal counsel if you are sued and defend you.  By way of example, consider the computer consultant who writes a software program for a client.  The computer consultant is the expert in the code and the creation of software, but requires significant input from his/her client to be able to personalize it to his/her client’s business.  If there is any kind of misinterpretation of information exchanged between his/her client and the consultant which results in the software not performing as expected, he/she could be sued.  That misinterpretation could be no fault of the computer consultant, but it will result in major time away from other projects to be able to defend the lawsuit.  Again, although professional liability insurance is not inexpensive, it often is well worth the price.

Should you be interested in either of these business insurances or having us review the insurance that your business has in place, please call us at your earliest convenience! 



2015-01-07   When Can You Consider that You are Ready for Retirement?

My recommendation is that you have the answers to at least the following two questions:


1.       What will you do with all of your extra time?

My clients routinely tell me that they do not miss work, but that they miss the camaraderie and often miss having someplace to go and something to do.  I am not retired myself, so I cannot speak from experience, but from observing family, friends and clients who have retired, the grass is not always greener on the leisure side of life.  So, the C.P.A. is putting a social issue first in importance of the answers you need to have – be sure you have a good idea of what you will do.  Whether that is working on having a scratch handicap in golf, volunteering at a food bank or having a part-time job, without a purpose in life, retirement will not be as fun on the inside as it looked from the outside.

 

2.      Does your long-term financial plan work?

You really need to prepare a financial plan to ensure that the assumptions you are working with regarding retirement will work and allow you to live in the manner to which you have become accustomed.  You need a conservative plan that has conservative assumptions on the rates of return that you will earn on your investments and liberal assumptions as to what you might spend in retirement.  Consider your lifestyle – you don’t want to have to become housebound in retirement and no longer enjoy life.  That certainly doesn’t mean you should be traveling the world if you don’t want to, but you need to be sure that you have enough retirement savings to allow you to live a comfortable life however you define that.  Be sure that your financial plan considers the following items:  getting rid of debt, creating an emergency fund, when to take social security benefits and expenses of growing old and needing help in taking care of yourself.   

If you find that your plan does not currently work, work with a financial planner to determine the goals you need to put into place so that it will work by the time you reach retirement age.  We would be happy to help you with this plan!



2015-01-05   What is Your New Year's Resolution??

Perhaps you will want to reconsider it and choose “prepare for retirement” instead. Over the holidays, I read an article that quoted a national survey of people aged 60 to 75 that concluded that just 20% of retirement aged individuals can even pass a basic quiz on how to make their nest egg last through retirement. Yet, the same survey indicated that a majority of the same people are confident that they are on the right track to be comfortable, financially, during retirement. 

Are you comfortable? Should you be? This week I am going to add some blogs to this website and post some articles on both on our Facebook and my LinkedIn page that deals with how to tell if you are ready for retirement and what to do to get ready for retirement. Stay tuned……



2014-02-12   Protect Your Investment in Your Home This Winter.
   Insurance agents generally dread hurricane season because of the potential for claims, but severe winters can be much worse.  If you haven’t noticed, it has been a severe winter so far, to say the least!  I saw a picture the other day of a cat up to his shoulders in snow and the caption read, “If I ever catch that groundhog, I am going to kill him!”  We can all sympathize with that.
   


2013-12-12   Employers: Have You Complied with the Additional Medicare Tax Withholding Requirements in 2013? If not, you have time to correct without paying interest, but time is running out!
The Internal Revenue Service recently released final regulations and questions and answers to help employers and taxpayers comply with the additional 0.9% Medicare payroll tax effective in 2013 for  high-income earners which was added by the Affordable Care Act (also known as Obamacare). Employers are responsible for withholding and reporting the increased payroll tax and may be liable for amounts that are not withheld. Any employers who have not complied with this tax as yet in 2013 has the opportunity to correct the error before year-end! Contact Dougherty Financial Consultants if you would like help with this problem.


2013-10-07   How Well will your Homeowners’ Policy Protect you in a Catastrophe?
To spend thousands of dollars on multiple policies, you better make sure you're getting your money's worth!


2013-09-13   Paying Tuition of Grandchildren
Estate and Gift tax expense is imposed on taxable estates (generally those greater than $5,250,000) at a very steep rate, 40%.  An excellent way to decrease the amount of a taxable estate without having to pay any tax on that transfer is for the grandparent(s) to pay the tuition of schooling (private schools for high school and below and college tuitions for high school graduates).


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