The amount of income tax you may be liable for depend on how much you earn during the year. Now that we are in the latter half of the year, it is advisable for individuals and businesses to start considering ways to reduce their income tax for the year. Reducing Individual Income Taxes As an … Read More
If you are caring for an elderly parent, you are definitely not alone. In fact, according to a study conducted in collaboration with the AARP, 29% of the U.S. population provides care for at least one aging, chronically ill or disabled family member or friend at any given time. Along with concerns … Read More
Nonprofit work is incredibly rewarding, but in a sector that relies heavily on donor support, success relies heavily on the ability to demonstrate a return on investment. As your organization grows, private donors, foundations and government entities will likely request detailed accounting documents … Read More
Are you thinking of starting a nonprofit? Before you do, consider the Internal Revenue Service code, 501(c)(3), which governs nonprofit status. Nonprofits may be classified as either a public charity or a private foundation. The Differences between Public Charity and Private Foundation Public … Read More
The tax codes surrounding non-profits can be difficult to understand. As a tax exempt organization, you're just exempt from paying taxes, right? Well, as with all things tax related, that depends. One such circumstance is whether or not your organization has UBI: Unrelated Business Income … Read More
Correcting the mistakes or changing policies will improve financial reporting, operational efficiency, and result in a smoother audit. Failure to address the audit findings may result in business operations disruptions and delay the issuance of the audited financial statements. Tips for Addressing … Read More
Balancing the budget for a nonprofit organization can be a difficult task especially since many are under the belief that you can't have a surplus at the end of the year. The truth is nonprofits can indeed make a profit and many do end the fiscal year with an excess in the budget. This occurs when … Read More
As nonprofit organizations recover from the rush of giving around the holiday season, many are left wondering how to appropriately keep accurate fundraising records. Along with maintaining the privacy of personal information and keeping fundraising data easy to access, organizations must also follow … Read More
Many people assume that all nonprofit organizations are automatically exempted from all sales and use taxes. This is not necessarily the case. Organizations are subject to taxes unless there is a specific exclusion or exemption. Tax law is complex and ever-changing and varies from state to … Read More
If you operate a business that is formed as a partnership or S-corp, March 15 the deadline for filing your business returns is around the corner. For individuals, the tax deadline falls on Tuesday, April 18, 2017. As you start to reconcile accounts and gather your papers, we have a few suggestions … Read More