What Should Your Salary Be?
One of the more difficult things to determine as a small business owner is what your salary should be. Setting your own salary can be a tricky task, especially in markets that see highs and lows. Determining your salary depends a lot on the development stage of your business and how it’s doing. If your [...]
Non-Taxable Nonprofit Activities
Sometimes it can be confusing for nonprofits to differentiate between “related” and “unrelated” activities. Fortunately, the IRS has declared that some activities will not be taxed, even if they aren’t related to the nonprofit’s purpose since there can be a fine line between “related” and “unrelated” business activity. Some of the activities include: •Activities in [...]
Deductions for Nonprofit Volunteers
A good strategy in fundraising for nonprofits is to remind donors that their contributions are tax deductible. In addition, it’s a good strategy to remind your volunteers that they may qualify for certain tax deductions as well. These deductions may not be huge, but they can provide a small form of compensation for the services [...]
The Facts About Business Credit Cards
As a small business owner, you are probably inundated on a daily basis with special offers in the mail – ranging from discounted telecommunication systems to credit card offers. Some of the credit card offers, especially those with a limited time no interest, may be tempting to accept. Before you jump in and apply for [...]
What Happens When Your Nonprofit Profits?
Despite the term “nonprofit,” your nonprofit can make a profit. It’s not a bad thing since you need funds to conduct your activities. The real question is whether or not your profit is taxable – which depends on whether the activities are related to the nonprofit’s mission. Profit from “Related” Activities Tax-exempt nonprofits often make [...]
Are All Charitable Organizations Tax-Exempt?
We have been asked from time to time by charitable organizations whether or not they need to file for tax-exempt status. It may seem like it is a requirement, but depending on the mission and goals of the organization, it’s not necessarily so. It may be easy to confuse an IRS registered, tax-exempt 501(c)(3) nonprofit [...]
Accounting is a Full Time Job
Accounting is central to running a small business, but unless the business is an accounting firm, most entrepreneurs are not professional accountants. It may seem like an easy thing to keep the books, but there is much more to it than just recording credits and debits. Both the federal and state governments have a list [...]
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