When it comes to revenue, nonprofits need to think like auditors

Auditors examining a not-for-profit’s financial statements spend considerable time on the revenue figures. They look at the accounting methods used to record revenues and perform a detailed income analysis. You can use the same techniques to increase your understanding of your organization’s revenue profile. In particular, consider: Individual contributions. Compare the donation dollars [...]

By | 2018-07-11T13:42:51+00:00 July 11th, 2018|Auditing, Business, Not For Profit|Comments Off on When it comes to revenue, nonprofits need to think like auditors

Does your business have to begin collecting sales tax on all out-of-state online sales?

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and [...]

By | 2018-07-05T09:04:33+00:00 July 5th, 2018|Business, Tax|Comments Off on Does your business have to begin collecting sales tax on all out-of-state online sales?

Holding a fundraising auction? Make sure your nonprofit is tax-compliant

Auctions have long been lucrative fundraising events for not-for-profits. But these events come with some tax compliance responsibilities. Acknowledging item donations If you auction off merchandise or services donated to your charity, you should provide written acknowledgments to the donors of the auctioned items valued at $250 or more. You won’t incur a [...]

By | 2018-06-28T11:16:22+00:00 June 28th, 2018|Business, Not For Profit|Comments Off on Holding a fundraising auction? Make sure your nonprofit is tax-compliant

Should your nonprofit hold virtual board meetings?

Your not-for-profit’s board of directors meetings don’t always need to be performed up-close and personal in the same room. Many organizations hold virtual board meetings via phone and with Web-based applications. Participation may improve It can be difficult to secure full board meeting attendance, but going virtual might allow members to attend meetings [...]

By | 2018-06-20T11:55:27+00:00 June 20th, 2018|Business, Not For Profit|Comments Off on Should your nonprofit hold virtual board meetings?

Make the most of your fundraising with simple metrics

The amount of money your not-for-profit raises in fundraising campaigns is meaningful, but so is how efficiently you’re able to raise it. Such costs can be measured using two metrics: Cost ratio and return on investment (ROI). Let’s take a look. Find a formula These two metrics can be used to evaluate both [...]

By | 2018-06-13T12:24:53+00:00 June 13th, 2018|Business, Not For Profit|Comments Off on Make the most of your fundraising with simple metrics

Factor in state and local taxes when deciding where to live in retirement

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case [...]

By | 2018-06-06T09:23:48+00:00 June 6th, 2018|Financial, Tax|Comments Off on Factor in state and local taxes when deciding where to live in retirement

Putting your child on your business’s payroll for the summer may make more tax sense than ever

If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring can make more sense than ever due to changes under the Tax Cuts and Jobs Act (TCJA). How it works By [...]

By | 2018-05-29T10:24:18+00:00 May 30th, 2018|Business, Tax|Comments Off on Putting your child on your business’s payroll for the summer may make more tax sense than ever

Sending your kids to day camp may provide a tax break

When school lets out, kids participate in a wide variety of summer activities. If one of the activities your child is involved with is day camp, you might be eligible for a tax credit! Dollar-for-dollar savings Day camp (but not overnight camp) is a qualified expense under the child and dependent care credit, [...]

By | 2018-05-23T15:01:23+00:00 May 23rd, 2018|Tax|Comments Off on Sending your kids to day camp may provide a tax break

Can you deduct business travel when it’s combined with a vacation?

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting. General [...]

By | 2018-05-16T14:17:18+00:00 May 16th, 2018|Business, Tax|Comments Off on Can you deduct business travel when it’s combined with a vacation?

Do you need to adjust your withholding?

If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free loan. That’s why a large refund for the previous tax year would usually indicate that [...]

By | 2018-05-09T09:39:02+00:00 May 9th, 2018|Tax|Comments Off on Do you need to adjust your withholding?
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