Not-for-profit

/Tag:Not-for-profit

Can I Start a Not-for-Profit to Shield Income?

By | January 20th, 2017|Categories: Small Business Tax and Accounting|Tags: , , |

Starting a not-for-profit just to reduce your tax liability is a bad idea.

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Form 8976 — What is It?

By | December 19th, 2016|Categories: Small Business Tax and Accounting|Tags: , , |

Image courtesy of Pixabay.com New federal guidelines have been implemented for 501(c)(4) not-for-profits. The new guidelines require new 501(c)(4) organizations to file a “Form 8976” with the IRS to notify the IRS that the organization is operating as a 501(c)(4). Some existing organizations may also need to file the form. A Google search of Form [...]

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What Taxes is a Tax-Exempt Organization Responsible For?

By | October 6th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , |

Tax-exempt organizations are exempted from paying income tax and federal unemployment tax... but they might have other tax liabilities that they’re responsible for.

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501(c)(3) vs. 501(c)(4) vs. 501(c)(7), Part 1

By | June 8th, 2016|Categories: Small Business Tax and Accounting|Tags: , , , , |

In the last couple of years, I’ve had the chance to help several small not-for-profits that were trying to get off the ground. One of the first questions they have is: can we be a 501(c)(3)?

Not All Donations to Charity Are Deductible

By | February 1st, 2016|Categories: Potpourri of Tax Topics|Tags: , , , , |

A common misconception people have about charitable contributions is that anything given to a not-for-profit counts as a deduction.