Don’t Delay on W-9s
Outsourcing various duties of your business to independent contractors can save you a lot of time and money compared to doing it yourself or hiring full time staff. Making the decision to outsource is easy, but make sure you are aware of the IRS guidelines for paying freelancers. You are required to report annual payments [...]
Caution: Restricted Funds Limit Not-For-Profits’ Usability
Donations are the lifeblood of the nonprofit world with each dollar helping to further the mission. All donations are appreciated, but they are not all accounted for the same way. Unique accounting standards require nonprofit organizations report contributed income in one of three categories – unrestricted, temporarily restricted, or permanently restricted. These different income classifications [...]
Fund Accounting for Nonprofits
While nonprofit and for profit accounting may seem similar on the outside, they are about the same as a baseball and an orange on the inside. Unlike revenue generating businesses, nonprofit organizations have special requirements to show, in financial statements and reports, how money is spent, rather than how much profit was earned. When dealing [...]
Call Now! Seriously???
I was waiting at a stoplight on my way to a dentist appointment last week, deep in thought about whether the hygienist would be able to tell I had an Oreo for a snack when a bright yellow hand-written sign caught my eye. I assumed it would be one of the many “Cash for Gold” [...]
Not-For-Profits: Profit or Not, You Have to File
A start-up nonprofit contacted us the other day and asked if they needed to file a tax return with the IRS for 2010 since they have yet to be on the plus side with their finances. It may seem like, no profit, no tax return, but the government sees it differently. The truth is the [...]
Senior / Personal Finance Articles, Part 2 – May 2011
As a service for our personal and Elder Care Care clients, we offer these new articles to help protect your financial future: (links open in new windows) Should You Pay Your Bills by Cell Phone? http://www.usatoday.com/money/perfi/columnist/block/2007-06-18-ym-cell-bills_N.htm How to Pay Bills by Phone http://www.ehow.com/how_8063741_make-payment-phone.html Is it Safe to Bank by Cell Phone? http://articles.moneycentral.msn.com/Banking/FinancialPrivacy/is-it-safe-to-bank-by-cell-phone.aspx How to Pay [...]
Just Started a Business? Think About Retirement! Part 2
Last time we covered a couple of the options (401(k)s and IRAs) that small business owners have for retirement savings. All small business retirement plans can help you save a significant amount of money toward your retirement and provide tax advantages at the same time. Best course of action is to know your options. SIMPLE [...]
Not-For-Profits: Don’t Lose Your Grant
No matter how altruistic your organization’s objectives are, you can’t change this fact: money is essential if you want your nonprofit to be able to do anything. Funding is the only way to accomplish even the most basic of goals. One of the ways to obtain funding for your objectives is through grants. Grants for [...]
Senior / Personal Finance Articles, April 2011
As a service for our personal and Elder Care Care clients, we offer these timely and thoughtful articles to help protect your financial future: (links open in new windows) 10 Big Deductions Many of Us Miss http://money.msn.com/taxes/10-big-deductions-too-many-of-us-miss-schnepper.aspx?cp-documentid=6786674 How to Get the Worst Credit Score Ever http://money.msn.com/credit-rating/the-road-to-the-worst-credit-score-ever-investopedia.aspx 7 Steps to an Early Refund http://money.msn.com/tax-preparation/7-easy-steps-to-an-early-tax-refund-schnepper.aspx Financial Issues [...]
Nonprofits Should Use Financial Info, Not Create It
Without volunteers, most nonprofits would not exist. The people who dedicate their spare time and energy to a cause work hard to keep the nonprofit running. However, even with the best intentions, volunteers may not have the skill set necessary to handle the accounting and financial reporting aspects of the organization. We have seen various [...]
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