As in the for-profit world, sometimes not-for-profits need to spend money to make money. This is particularly true when it comes to fundraisers. At the same time, it’s critical that you make a budget and stick to it. Estimate expenses for such items as facility rental, food and drinks and entertainment, and then scrutinize the list for what can be reduced or cut. You might be able to find a business sponsor to help defray costs. Just be careful. Don’t promise too much in sponsor benefits, such as free advertising. It could lead to unrelated business income tax problems. Contact us for more tips.
Are you a volunteer who works for charity? You may be entitled to some tax breaks if you itemize deductions on your tax return....
Not-for-profit board members, whether compensated or not, have a fiduciary duty to the organization. If your board hasn’t reviewed its fiduciary duties recently, it...
Congress created the “kiddie tax” to discourage parents from putting investments in their children’s names to save tax. Over the years, it has gradually...