Are You Familiar With The Government Agencies As A Business Owner? Get Familiar With The Main Government Agencies! In order to run your business, knowing the government agencies will help! For submitting federal income tax payments & obtaining Employer Identification Number (EIN) for your business, you will go to the Internal Revenue Service( IRS). For …
Government Agencies You Need To Know As A Business Owner Read More »
Do You Understand Business Tax Liability? It is important to understand business tax liability specially Federal & State Income Taxes for “Self-Employment”. A self-employed person earns a living by working for himself. But in a corporation, the self-employed person becomes both an owner & an employee. Federal And State Tax Federal income taxes are collected …
CAN A NONPROFIT ORGANIZATION BE TAXED ON UNRELATED BUSINESS INCOME? Nonprofit organization often retain an Attorney to provide an opinion on whether the corporation will be engaging in unrelated business activities that may be taxable. To note, the activities of a nonprofit organization can still be considered charitable even though they generate profits. However, the …
TAX EXEMPTION STATUS The major benefit of charitable nonprofit organizations is that they may qualify for exemption from Federal and State income tax. In addition, corporate donors may deduct contributions to organizations that are exempt under section 501(c)(3) of the Internal Revenue Code from their personal Federal income tax. A tax professional must be retained …
How Does A Nonprofit Obtain Tax Exemption Status? Read More »
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