Author: stonesbookkeeping1

Have a calling to serve and need to form a Non-Profit? While a bit complex the process can be handled without expensive services. There are paperwork requirements by the IRS and the federal government to ensure that Non-Profits are organized properly and have the information available to the public. The IRS has provided guidance around the necessary filings and yearly reports that are necessary to have on hand.

Here is a great concise direction around the necessary preparations: https://content.govdelivery.com/accounts/USIRS/bulletins/36ab102?reqfrom=share

The deadline for filing for form 2290 is coming up. This is for vehicles over 55000 pounds. The filing deadline is not tied to the vehicle registration date. Taxpayers must file Form 2290 by the last day of the month following the month in which the taxpayer first used the vehicle on a public highway during the taxable period, regardless of the vehicle’s registration renewal date.

More information is available here: https://content.govdelivery.com/accounts/USIRS/bulletins/36b4968?reqfrom=share

Do you rent out your vacation home? The IRS has put out a great video with tips on tracking and reporting your income from renting out a vacation home. Watch the video here: https://content.govdelivery.com/accounts/USIRS/bulletins/368f988?reqfrom=share for more information.

The last thing you want to think about when divorcing is taxes. However, how you respond can have massive negative consequences on your finances and taxes. Please take a few minutes to check out this link if you are going through this horrible life event: https://content.govdelivery.com/accounts/USIRS/bulletins/3682f5b?reqfrom=share

At the end of the year charities often get the majority of their donations. It is important to understand how this effects your taxes. To deduct the donations on your taxes they must be a non-profit and get a receipt. The receipt can be a cashed check or a written receipt from the charity. If you need help planning or understanding these rules please message me.

https://content.govdelivery.com/accounts/USIRS/bulletins/337e54c?reqfrom=share