You have a charitable idea you and want to start a non-profit. Great! My company specializes in 501 (c) (3) applications, the most common form of tax-exemption. Before you plunge in, I have some questions for you.
Can You Share Control? Read more
Tag Archive for IRS
I Want to Form a Non-Profit — Part I: ARE YOU SURE?
Category: NON-PROFIT FINANCES |
Tags: 501 (c) (3), Form 1023, IRS, L3C, Non-profit organization, Rhode Island, Tax exemption
TAX TIPS FOR DIVORCING COUPLES
By Rich Streitfeld, CPA
Impoverishing One Impoverishes All
If at all possible try to think as an economic unit, at least until the divorce is final. You are right, your spouse is a louse– and you do need to have your financial needs met in a fair and equitable fashion. However when one party tries to grab all the tax benefits at the expense of the other, all may lose out – less money for the kids, more money for the lawyers. For instance if Sharon refuses to sign a joint return while the divorce is in process and Greg makes more money, she may save $500 but he may lose $5,000. This may make Sharon happy, but may also make a settlement more elusive, drag out the proceedings and make it more difficult for Greg to provide for his share of any agreement.
A better way? Read more
Category: PERSONAL FINANCE |
Tags: 8332, dependents, divorce, divorce agreement, filing status, IRS, non-custodial parent, Rhode Island, Tax
HOMING IN
Tax Advantages Of A Home Based Business
photo by "jnyemb" (Flicker Name) under Creative Commons license
I was recently interviewed by Kevin Grover, of the Kevlor Marketing Group (contact information below). Kevin is also co-owner of Divorce Resource Center of RI, an outstanding local resource (www.drcri.net)
Q: How should I calculate the percentage or ratio of the area of my home, apartment and home business expenses that I can legally deduct and use as a tax deduction and write off?
A: Use a tape measure… Literally! Measure the square footage of the interior of your home or apartment and then calculate the space of your home office in square footage, and you’ll determine the percentage of your entire home or apartment that it represents.
Example: Divide the little number by the big number. For example: 108 sq. ft. office (9x12ft. room) / 400 sq. ft. home equals .27 or 27%. That 27 % is the number your accountant will need.
Q: My business is Incorporated (S Corp., C Corp.). Does that matter? Read more
Category: GROWING A SMALL BUSINESS, PERSONAL INCOME TAXES |
Tags: health insurance, home office, income tax, IRS, self-employment, tax deduction, utilities, write off