2017 - Page 12 of 12

Jan
23
2017

How to make your nonprofit’s special event a financial success

Many not-for-profits depend on funds raised at an annual gala or other special event to keep their organization in the black. But successful events require a careful balancing act. You need to keep a tight rein on expenses, yet attract and entertain generous supporters. Here are some ideas for maximizing revenues.

Set goals

Sometimes you have to spend money to make money. However, a long-held rule of thumb among nonprofits says that the cost of a fundraising event shouldn’t exceed 30% of net proceeds.

Jan
21
2017

2017 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements.

January 31

File 2016 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.

Jan
20
2017

Time may be running out — again — for tax-free treatment of home mortgage debt forgiveness

Income tax generally applies to all forms of income, including cancellation-of-debt (COD) income. Think of it this way: If a creditor forgives a debt, you avoid the expense of making the payments, which increases your net income.

Fortunately, since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with qualified principal residence indebtedness (QPRI).

Jan
18
2017

4 ways to encourage nonprofit donors to make unrestricted gifts

Because restricted gifts have stringent rules attached, they can be difficult for not-for-profits to manage and account for. How, then, do you encourage donors to make unrestricted gifts that your organization can use as it deems necessary? Here are four suggestions:

1. Praise the benefits of unrestricted gifts when speaking with potential donors. Explain how your organization uses donations, offering hard numbers and specific examples where needed. Give them as much information as you can about your organization and its decision-makers so that donors feel they can trust you to make the best choices about how their gifts are put to work.

Jan
18
2017

Prepaid tuition vs. college savings: Which type of 529 plan is better?

Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits:

Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred.
Some states offer tax incentives for contributing in the form of deductions or credits.
The plans usually offer high contribution limits, and there are no income limits for contributing.

Prepaid tuition plans

With this type of 529 plan,

Jan
18
2017

Arizona Charitable Tax Credit Changes – NEW INCREASED LIMITS for 2016

Arizona Governor Doug Ducey recently signed into legislation SB 1216 (found here), which increases 2016 charitable tax credit donation limits. The bill was introduced to allow individuals to give more to nonprofit organizations while allowing them to take larger dollar-for-dollar tax credits, subject to income tax liability thresholds and the below caps. The bill also separated out the Foster Care credit (previously “housed” under the Qualifying Charitable Organization credit) so that taxpayers can effectively offset their tax liabilities in amounts more than double the prior law amounts.

Jan
03
2017

The Arizona Department of Revenue Updates the Transaction Privilege Tax for 2017

With several changes to the Arizona Transaction Privilege Tax (TPT) for 2017, the Arizona Department of Revenue has created an interactive tutorial resource to help taxpayers through the TPT payment process. The tutorials offer step-by-step instructions on a variety of TPT related topics. New user enrollment, filing a TPT return, adding a business location, selecting a business location, making a TPT payment, and other additional tutorials are included. The new tutorials can be found at: https://www.azdor.gov/tutorials/index.html.