We all know college is expensive. Fortunately, there are two sizable federal tax credits for higher education costs that you may be able to claim. The American Opportunity credit generally provides the biggest benefit to most taxpayers. It offers a maximum benefit of $2,500. But it phases out based on modified adjusted gross income (MAGI). For 2019, the MAGI phaseout ranges are between $80,000 and $90,000 for single taxpayers, and between $160,000 and $180,000 for married joint filers. There’s also the Lifetime Learning credit, which equals 20% of qualified education expenses for up to $2,000 per tax return. There are requirements to qualify for both credits. Contact us for more information.
Cross-training employees can help protect your not-for-profit’s finances and operations. The process involves teaching staffers to do each other’s jobs so that critical functions...
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...
Nonprofit trade associations, or 501(c)(6) organizations, exist to promote their members’ common interests and improve business conditions. But your association doesn’t qualify for tax-exempt...