Skip to main content
11 votes
Accepted

From a customer standpoint, does it make any financial difference to go to a non-profit hospital or a for-profit hospital?

I wonder the following: from a customer standpoint, does it make any financial difference to go to a non-profit hospital or a for-profit hospital? The number one concern is "is the hospital in-...
mhoran_psprep's user avatar
5 votes

How to best handle donations for a non-profit in GnuCash

One option is to use a separate database to record the individual amounts contributed by specific donors, and use GnuCash to record the amalgamated effect of the donations. So if 3 donors donated $10,...
Greg Schmidt's user avatar
  • 1,488
5 votes
Accepted

Can a non-profit company make profit?

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 ...
Jasper's user avatar
  • 3,497
5 votes

Donation for nonprofit 501(c)(3) organization, if I also work for them: Tax-deductible?

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.
keshlam's user avatar
  • 48.2k
4 votes

Non-Profit Accounting Boy Scouts won't fully disclose event budget

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 ...
mhoran_psprep's user avatar
4 votes

Can non-profits purchase intellectual property from a single person?

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 ...
hmakholm left over Monica's user avatar
4 votes
Accepted

Donation for nonprofit 501(c)(3) organization, if I also work for them: Tax-deductible?

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 ...
Harper - Reinstate Monica's user avatar
4 votes

Can non-profit give a gift card to a store to someone in need?

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 ...
BobbyScon's user avatar
  • 14k
4 votes
Accepted

Should I form an LLC or a non-profit?

I understand that a nonprofit will allow donations to be tax deductible but it seems like there is a higher cost and much more paperwork to fill out. A non-profit and a charity aren't the same thing. ...
mhoran_psprep's user avatar
3 votes

May a church pay for AED/CPR training for congregants?

If there is a clear benefit to the church from having more people trained in CPR/AED then the expenditure would appear to be justified. However I think the case would be strengthened if the spending ...
DJClayworth's user avatar
  • 33.6k
3 votes
Accepted

Can I fund my non profit from my income for tax credits?

Yes. You may donate to a non-profit even if you are the founder or are on the board. If the amount you donate takes you above the federal standard tax deduction, then you can use that donation to ...
TTT's user avatar
  • 47.2k
3 votes

Can a property that owes taxes be donated to a church?

What property qualifies for either a lower rate or a zero rate depends on the law for the state, and may even depend on the county/city/town. These can be local decisions. It can depend on the ...
mhoran_psprep's user avatar
3 votes
Accepted

Can a 501(c)(7) receive external donations from non-members?

The IRS allows some income to be from non-members, but they do limit the outside income. Effect of Nonmember Income on Exempt Status A social club may receive up to 35 percent of its gross receipts ...
mhoran_psprep's user avatar
3 votes

Is it possible to run a non-profit organization that performs typically for-profit work?

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 ...
quid's user avatar
  • 49k
3 votes

Donation for nonprofit 501(c)(3) organization, if I also work for them: Tax-deductible?

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 ...
mhoran_psprep's user avatar
2 votes

Can non-profit give a gift card to a store to someone in need?

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. ...
DJClayworth's user avatar
  • 33.6k
2 votes
Accepted

USA - Can I write off time spent using this metric

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-...
Hart CO's user avatar
  • 70.5k
2 votes

Is it worth to advertise a fundraiser?

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,...
Lawrence's user avatar
  • 9,362
2 votes
Accepted

I got 1099-NEC that reports box 1 income but no state income (box 7), is this possible or an error?

First, you should understand that a 1099-NEC is what is known as an information return. It is filed to report information to the IRS, not to you. Your spouse received one because she was paid an ...
Ben Miller's user avatar
  • 116k
1 vote
Accepted

Can a 501(c)(7) have a class of members who can't vote in exchange for lower dues?

Both the statute and the IRS guidance demand that membership dues be the major income source for the 501(c)(7) organization, but neither defines what "membership" is other than it must be ...
littleadv's user avatar
  • 177k
1 vote

Tax/legal effect on charity that received an anonymous winning lottery ticket?

Yes, the charity can collect the winnings. The type of charity is important for everything else, but mainly for the person that donated it and when. Such as was it a winning ticket when the ...
CQM's user avatar
  • 20.2k
1 vote

Can a utility company add a donation to a non-profit to your bill

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 ...
mhoran_psprep's user avatar
1 vote

Can I have a small wage if I establish a non-profit organization/company in Greece?

A non-profit is created and run by a board of directors. Although you would be on the board initially, you would have no absolute right to be on the board, and the board could choose to replace you ...
minou's user avatar
  • 7,536
1 vote

How can I reasonably estimate what percentage of my income should be saved for taxes during my first year of work

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 ...
Bill Leeper's user avatar
1 vote

Can a non-profit company make profit?

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 ...
user71659's user avatar
  • 3,644
1 vote

Can a non-profit company make profit?

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, ...
Carl Raymond's user avatar
1 vote

Can non-profits purchase intellectual property from a single person?

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 ...
quid's user avatar
  • 49k

Only top scored, non community-wiki answers of a minimum length are eligible