(Link) IRS Announcement - For Small Charities
(Link) One Time Relief for Small Organizations that Failed to File the last 3 Years - Do not delay!
July 26, 2010 - The IRS Announced a Special One Time Filing for Small Charities required to file a yearly 990 for their organization. The rule requiring such filing was enacted in 2005, exempting Churches and other Religious Organizations.
Non-Profits who have not filed in 2007, 2008, and / or 2009 may be in danger of losing their tax-exempt status, rendering contributors unable to claim a tax-deductible donation. Charities who have acquired at least $1,000.00 are required to file.
Those required to file will have two choices; File a 990-N (This is only if you do not have all of your paperwork). For those who do, you may file the 990-EZ
A Toll-Free Help number is established to assist Small Charities in filing out the 990 forms. Phone Help - If you have questions and/or need help completing Form 990, please call 1-877-829-5500. This toll-free telephone service is available Monday through Friday.
(Link) 990 PDF from the IRS
Tuesday, July 27, 2010
Friday, January 29, 2010
Good News and Resources for Community Leaders - Tax Credits for Women & Families 2009 Taxes
From the National Women's Law Center
The link to find additional tax credits by State for the 2009 Tax Return Year we are preparing as of 1/29/2010: http://www.nwlc.org/details.cfm?id=3148§ion=tax#Arkansas
...tax credits for families... Are More Important Than Ever...:http://www.nwlc.org/details.cfm?id=3798§ion=newsroom
...Don't miss out!
- Are you one of those angels who go out of their way to help others?
- A Community Organizer who cares about families?
- Do you work to help the weak, poor and those who may be disadvantaged?
- Always on the Look-out for Resources?
~ Good Information - Check this Out!!!
The link to find additional tax credits by State for the 2009 Tax Return Year we are preparing as of 1/29/2010: http://www.nwlc.org/details.cfm?id=3148§ion=tax#Arkansas
~Important Tax Credit Information for Women & Families - 2009 Tax Year~
http://www.nwlc.org/details.cfm?id=3134§ion=tax
Friday, April 10, 2009
Tuesday, March 17, 2009
Deductions: The Facts about Tuition & Fees
**this notification is simply an attempt to convey IRS meaning into a language the common hillbilly can understand. I follow due diligence practices and will not be held responsible for a mis-interpretation of my posts. I adhere as closely and often more stringent than IRS tax codes. It is always advisable to verify tax advice, as it is always the taxpayer who is responsible for their tax returns. this blog is an effort to perform a free service to those who would pull their hair out as they listen to yet another song on 1-800-829-1040.
1) Many people (taxpayers) miss deductions because they have to take the Standard Deduction, and are not itemizing. They think, "since I can't itemize, I cannot count my Fees, or Tuition for last year", - Hold up! Yes, you can claim a tuition and fees deduction.
1). The way to take this deduction is to get Form 8917. If you are doing your own taxes, search Form 8917, 2008. Follow the Form 8917 Instructions. This will be included with your regular Form 1040 (The Blue One - Long Form) or Form 1040A. (The Pink One - Average Tax Payer Form - usually with Attachment(s) A and / or B). Some software will have this listed as Expenses, Expenditures, Tuition, Fees.
2). You may be qualified for a deduction on tuition and fees expenses. This might be an adjustment to income, a Hope or Lifetime Learning credit, or – sometimes – as a business expense.
3). Reason A. You are not eligible = MFS - Married Filing Separate
4). Reason B. You are not eligible = If you are a Dependent on someone else's taxes. If you do not claim yourself, or if you are not qualified to claim yourself on your tax return.
5). Reason C. You are not eligible = The evil AMT & your filing status has cut into your tax liablilty, it could reduce the amount you can deduct for medical expenses. [very good reason to contact your Rep or Senators] Write or call your representatives and repeal the AMT now.
6). Reason D. Limitations = You cannot claim the tuition and fees deduction if you or anyone else claims the Hope or Lifetime Learning credit for the same student in the same year.
7). Reason E. Limitations = If you can take the educational expenses & are also allowable as a business expense, or the Tuition and Fees deduction may be claimed in conjunction with a business expense deduction. Decide which one and stick with it. One entry for these expenses.
8). You cannot claim a deduction or credit based on expenses paid with tax-free scholarship, fellowship, grant, or education savings account funds such as a Coverdell education savings account, tax-free savings bond interest or employer-provided education assistance.
9). The same rule applies to expenses you pay with a tax-exempt distribution from a qualified tuition plan, except that you can deduct qualified expenses you pay only with that part of the distribution that is a return of your contribution to the plan.
10). IRS Publication 970, Tax Benefits for Education, can help eligible parents and students understand the special rules that apply and decide which tax break to claim. The publication is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Issue Number: TT-2009-52 - March 17, 2009 is where I got my info. :8 - >
1) Many people (taxpayers) miss deductions because they have to take the Standard Deduction, and are not itemizing. They think, "since I can't itemize, I cannot count my Fees, or Tuition for last year", - Hold up! Yes, you can claim a tuition and fees deduction.
1). The way to take this deduction is to get Form 8917. If you are doing your own taxes, search Form 8917, 2008. Follow the Form 8917 Instructions. This will be included with your regular Form 1040 (The Blue One - Long Form) or Form 1040A. (The Pink One - Average Tax Payer Form - usually with Attachment(s) A and / or B). Some software will have this listed as Expenses, Expenditures, Tuition, Fees.
2). You may be qualified for a deduction on tuition and fees expenses. This might be an adjustment to income, a Hope or Lifetime Learning credit, or – sometimes – as a business expense.
3). Reason A. You are not eligible = MFS - Married Filing Separate
4). Reason B. You are not eligible = If you are a Dependent on someone else's taxes. If you do not claim yourself, or if you are not qualified to claim yourself on your tax return.
5). Reason C. You are not eligible = The evil AMT & your filing status has cut into your tax liablilty, it could reduce the amount you can deduct for medical expenses. [very good reason to contact your Rep or Senators] Write or call your representatives and repeal the AMT now.
6). Reason D. Limitations = You cannot claim the tuition and fees deduction if you or anyone else claims the Hope or Lifetime Learning credit for the same student in the same year.
7). Reason E. Limitations = If you can take the educational expenses & are also allowable as a business expense, or the Tuition and Fees deduction may be claimed in conjunction with a business expense deduction. Decide which one and stick with it. One entry for these expenses.
8). You cannot claim a deduction or credit based on expenses paid with tax-free scholarship, fellowship, grant, or education savings account funds such as a Coverdell education savings account, tax-free savings bond interest or employer-provided education assistance.
9). The same rule applies to expenses you pay with a tax-exempt distribution from a qualified tuition plan, except that you can deduct qualified expenses you pay only with that part of the distribution that is a return of your contribution to the plan.
10). IRS Publication 970, Tax Benefits for Education, can help eligible parents and students understand the special rules that apply and decide which tax break to claim. The publication is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
Issue Number: TT-2009-52 - March 17, 2009 is where I got my info. :8 - >
Saturday, February 21, 2009
Here is a notification from the IRS.
There is a lot of talk around about the Stimulus Package, the following will help clearify what is really going on and how it may affect you.
The new American Recovery and Reinvestment Act of 2009 is the subject of
many conversations and is generating many questions. Many of these questions
center on how will this affect taxpayers this filing season and next. We have
placed information to help answer that question, and others, a special
website:
Tax Provisions in the American Recovery and Reinvestment Act of
2009
The Service is working diligently to complete an analysis
of this new legislation to determine its full effect on processes and forms and
to implement them. We are committed to doing this as quickly – but more
importantly – as thoroughly as possible and will be providing updates via
IRS.gov. So, please monitor our Website (www.irs.gov) for the latest
information over the course of the next few weeks and months.
The link above - was sent via IRS notification 2-20-09
For those of you with CPA's, and other Tax Professionals, make sure they update you on upcoming changes that may affect your particular tax scope. Many of you do not realize how much an hour you pay to these sages ahold of your "books", so make them earn it. Ask to be put on an e-mail notification list, or go to the IRS website and do a "search" for your item, include the tax year you are considering ie; 2008, 2009, 2010
Wednesday, February 18, 2009
Deductible Medical Expense Records!!! Easy!
Tax Professionals & Tax Payers,
A company that I love, is Walgreen's. Many of their products are Made in America, and they have reasonable prices and are coupon friendly.
Walgreen's also has on-line service for Prescriptions and many of their other products. Today they sent me an e-mail on down-loading their paid medical expenses for 2008. Way to go Walgreen's!! Thank you for making life easier.
I do not receive any compensation from Walgreen's for recommending their easy and helpful service.
walgreens@email.walgreens.com
A company that I love, is Walgreen's. Many of their products are Made in America, and they have reasonable prices and are coupon friendly.
Walgreen's also has on-line service for Prescriptions and many of their other products. Today they sent me an e-mail on down-loading their paid medical expenses for 2008. Way to go Walgreen's!! Thank you for making life easier.
I do not receive any compensation from Walgreen's for recommending their easy and helpful service.
walgreens@email.walgreens.com
Tuesday, February 10, 2009
Be Ware of Unknow Advertisers - Who is Legitimate?
Dear Everyone - The Gay CPA is legitimate! 02/10/2009
I check every advertiser on my site. It may take a day or two, but please use Safety tips blogged yesterday, when accessing any site.
I reported a fake advertiser yesterday evening and they are gone. The reason for Grizzly Bear Tax Care is because so many individuals who need good tax care are not given dignity during their return and it is reasonable to acknowledge not the best tax service. The Gay CPA will offer planning and sound advice for those in the gay community.
Grizzly Bear is to protect people and give dignity.
I check every advertiser on my site. It may take a day or two, but please use Safety tips blogged yesterday, when accessing any site.
I reported a fake advertiser yesterday evening and they are gone. The reason for Grizzly Bear Tax Care is because so many individuals who need good tax care are not given dignity during their return and it is reasonable to acknowledge not the best tax service. The Gay CPA will offer planning and sound advice for those in the gay community.
Grizzly Bear is to protect people and give dignity.
Thank you for choosing my site.
Grizzly Tax Cares and Helps advocates due diligence.
Bless us Everyone
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