Understanding How to File for Taxes as a Non-profit Organization
Non-profit Organization
Even in the best of cases, doing your own taxes can get somewhat complicated and confusing.
Homeowners without investments can get lost following the directions on the forms, but what about when you’re a non-profit organization?
Below, we’ll discuss the advantages that being a non-profit brings, as well as why it makes sense to seek out the assistance of tax attorneys when it comes to filing taxes for your non-profit organization.
Benefits of Being A Non-Profit Organization
When you’re a non-profit organization, whether you address a societal problem, take care of big cats, or are a trade organization, formed for educational, scientific, or charitable purposes, there are a few benefits you have access to. Below are some of those benefits.
Postal Service Discounts
If your non-profit organization is tax-exempt, the U.S. Postal Service provides discounts on bulk mail rates.
Eligible for Public and Private Grants
There are certain grants and allocations that are only available to 501c organizations.
While this varies by state, donations made to the non-profit organization are tax-deductible.
Tax Exemption
Some non-profit organizations can apply for tax-exemption status on both a state and federal level.
Pros of Tax Attorneys
We all know that filing taxes isn’t fun, and many people prefer to seek out a professional to do it for them rather than risk making a mistake.
Here are some more benefits of hiring someone to do the taxes for your non-profit organization.
Saves You Time and Money
No matter if it’s your organization’s first time filing taxes or it’s your ninth, a tax attorney will save you time when it comes to preparing taxes.
A tax professional helps you find all the eligible tax deductions and credits and finish filing far faster than you’d be able to.
Advice From Experts
A good tax professional serves as a second pair of eyes to ensure that you have everything you need and they have detailed knowledge of your transactions and deductions should the IRS audit you.
Some Fees Are Deductible
If you satisfy certain requirements, you can deduct things like the cost of the book of tax regulations, the fee for e-filing your tax return, the mileage you drove to meet the tax professional, or even the postage of mailing your tax return.
While it’s understandable that your organization would want to save money by not having to pay for a tax attorney, it’s often for the best to have a tax professional on your side when it comes to preparing tax returns.
Everyone in the non-profit organization has their duties and preparing and filing your taxes will take up far too much time, especially if you have to learn about new information from the IRS.
Category: Taxes
