9

Sure you can! Check out the IRS website. IF you want... A copy of an exemption application... THEN file Form 4506-A with... Internal Revenue Service Attn: Correspondence Unit You may also purchase copies of scanned Forms 990, 990-EZ for IRC section 501(c)(3) organizations, Form 990-T (IRC section 501(c)(3) organizations filed ...


8

I'm not a tax professional, and this is something you should get a professional advice on. But having said that, I think you answered your own question. It is explained in that Forbes article, that the donated value is in fact the value of the house you're going to demolish. So in fact you didn't donate anything but rather got help in demolishing a ...


6

From the poster's description of this activity, it doesn't look like he is engaged in a business, so Schedule C would not be appropriate. The first paragraph of the IRS Instructions for Schedule C is as follows: Use Schedule C (Form 1040) to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An ...


5

Shouldn't be a problem. If it's a legitimately deductible donation by the normal definition, the fact that you are also working for them shouldn't matter.


5

Yes. A thriving non-profit is likely to have an increasing "reserve" account. These reserves are the equivalent of a for-profit firm's "retained earnings" account. Depending on the tax and charitable laws in one's country, it is possible for a non-profit to pay a salary to its founder or leader. When compared to modestly profitable for-profit small ...


4

Depending on the size of the council the budgeting of day camp isn't as simple as running a single 4 day camp. The council my sons were in ran more than a dozen camps events spread across parts of two states. Some of the day camps were on BSA owned property, some were on family farms, some were on church property, and others on county parks. The price ...


4

A nonprofit can own, buy, and enforce patents if its competent bodies (e.g. its board of directors) decide that doing so is an appropriate way to further its mission. As far as tax rules go, spending money to buy a patent is not in principle different from paying a vendor for office supplies, or paying a staffer wages for their time. That being said, your ...


4

The good news is that your parent organization is tax exempt and your local organization might be. The national organization even has guidelines and even more details. Regarding donations they have this to say: Please note: The law requires charities to furnish disclosure statements to donors for such quid pro quo donations in excess of $75.00. ...


4

Large and small universities have procedures in place regarding the use of the universities name, logo, facilities, and budget. They should have in place guidelines regarding the collection and use of funds from members, and participants. These guidelines are what allows you to have an account with the university. Generally these are not kept in the credit ...


4

Valuation is a constant problem any time you donate non-cash assets to a charity... whether you work there or not. The issue is obvious. You say the item was mint condition and want to claim its sticker price; IRS says it was a worn out piece of junk and wants to give you $1. Justifying valuation is all on the donor. The charity isn't even involved; ...


4

Recipients of money/gift cards are not liable for taxes as it is considered a gift. The non-profit handles the tax liabilities of income vs disbursement on their end. This is assuming the recipient is a beneficiary of the non-profit, not a volunteer or employee of the non-profit. If they are a volunteer or employee, it can cross into the grey territory of ...


4

The relevant IRS publication is 526, Charitable Contributions. The section titled "Contributions you cannot deduct" begins on page 6; item 4 reads: "The value of your time or services." I read that to mean that, if the website you built were a product, you could deduct its value. I don't understand the legal distinction between goods and services I ...


4

You should probably have a tax professional help you with that (generally advisable when doing corporation returns, even if its a small S corp with a single shareholder). Some of it may be deductible, depending on the tax-exemption status of the recipients. Some may be deductible as business expenses. To address Chris's comment: Generally you can deduct ...


3

You do actually have some profits (whatever is left from donations). The way it goes is that you report everything on your Schedule C. You will report this: Gross receipts (line 1) - all the money you got from the group (excluding the money you put in yourself, but including all the "donations"). Cost of goods (line 4) - all the money you spent on ...


3

Profit reinvested in to the organization is already a valid expense. You're free to do with your time whatever you'd like, but you don't get to deduct the time you donate. Non-profit simply means that the company spends everything it earns/receives toward a charitable mission. The Red Cross, as an example, is a maaaaaaasssssssssive non-profit that has a ...


3

The risk is that the IRS doesn't believe you made the donation. So you counter this by having proof. Money by check or credit card is good.in fact this is a recent change to the tax law. If it goods you are donating then get a receipt. Even if the amount wouldn't require it. Also have an appraisal so that you have a third party determining the value.


2

Dues You should check with the Office of Student Affairs (or equivalent) at your University to see if you can accept Credit Cards. Many will only allow you to accept student organization dues paid in cash, check, or money order. Many universities will also provide your organization with basic operating funds, if you request it. Your first point of contact ...


2

I think it's great that you want to contribute. Course Instructor You may want to take a look at becoming an instructor for a course like Dave Ramsey's Financial Peace University. These are commonly offered through churches and other community venues for a fee. This may be a good fit if you want to focus on basic financial literacy, setting up and ...


2

If the vendor wants to be able to automatically collect the money, it should be possible for them to pull money from a checking account. That checking account can also have a debit card associated with it. The local scout units in my area have set up checking accounts with a local bank, that account does allow the account to have a debit/ATM card. Because ...


2

BobbyScon's answer is absolutely correct. However there is another aspect to consider which is the purpose of the non-profit. Many non-profits are aimed at relieving poverty or helping poor people. However some have other focusses, such as addressing environmental concerns, or providing expensive education to rich people. If a non-profit gave out gift cards ...


2

If you pay yourself, that money would be taxable income to you, then the LLC has an equal off-setting expense, so there would be zero net impact if you pay yourself in a pass-through entity (single-owner at least). You also can't assign a value to your time and count that against earnings without actually spending it. The IRS doesn't really care about ...


2

This sounds like the many instances in investment where knowing the outcome before plonking down the dough would be extremely profitable. Unfortunately, when the proof of the pudding is in the eating, there’s no way around plonking down the dough first.


1

I have seen bills that mention a "donations to charity" done two ways: optional: for example a voluntary donation to a fuel fund that helps poor people avoid getting their heat turned off in the winter. Or a program to support organ donations. This last one was an optional one i saw a few days ago when I re-registered my car via the DMV website. ...


1

From the comments it sounds like you are a contractor. So at a minimum you will owe social security and FICA along with what is sometimes called self employment tax. Social Security is 6% and the self employment component of Social Security is also 6%. Then you have FICA and the self employment portion of FICA as well. I would recommend you engage an ...


1

What you need is likely a type of corporation called a Benefit corporation or B Corporation. This merges the traits of a normal for-profit company and a non-profit. A B corporation must operate with some social or environmental benefit as its goals, so investors receive some assurance of its purposes. There are also standards and audits to assure investors ...


1

No. Non-profit status confers significant tax benefits that for-profit businesses cannot take advantage of. Therefore, it's a tightly controlled status. A non-profit company can certainly make money, even lots of money, but it has no stock and no investors and cannot pay dividends like a for-profit company. It can pay salaries and expenses, of course. ...


1

It is for exactly this reason that one cannot simply decide to be a non-profit. There is a vetting process and if your charitable mission is "to allow people to 'donate' money to me instead of buying something from me" it's not likely to be approved. Odds are, if someone is buying some inventions from you on a scale large enough for you to begin to think ...


1

What about using a pre-paid debit card? There are a large variety of them with different fees and such, but they don't require the information a credit card would, and it should be the same to the ISP.


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