taxes
Do You Have to File Taxes if You Break Even?
Following is a transcript of this podcast episode, with audio/video below. Welcome to the Two-Minute Treasurer’s Tip Podcast. I am your host Cyndi Meuchel, co-owner of MoneyMinder where our goal is to make your life as a volunteer way easier. Payam writes: My group is tax exempt with the IRS. Since we break even every…
3 Steps to Changing Your Financial Year
Are you looking to change your financial year? Whether your nonprofit group was set up a month or a decade ago, there could be compelling reasons to change your tax year. For example, if you set up your Booster Club or Parent Group (PTA, PTO, PTSA) on the calendar year, you may have later realized…
Are PTAs Tax-Exempt?
Most, although not all, of the groups we serve here at MoneyMinder are classified as 501(c)(3). When it comes to asking whether your PTA is tax-exempt, the first question you must answer is whether your group is registered with the IRS as such. The IRS has a convenient tax-exempt organization search if you know your…
Do You Need to File a Tax Return if Your Group Had No Activity?
It’s been a tough year for too many reasons to count. From virtual fundraising to online holiday events, nonprofit groups have shown their ability to adapt to a strenuous situation. But not all groups were able to continue when the pandemic hit. Our support team has received a few inquiries around this topic and we…
What Are the Nonprofit 1099 Rules?
Many times, nonprofits have small budgets and the work at hand can be done in a shorter amount of time compared to a typical business. This is especially true of small nonprofits largely run by volunteers, like PTA/PTO, Church Groups, Booster, and Service Clubs. It takes a village to accomplish your nonprofit’s mission. But nonprofits of…
Nonprofit Tax Returns: Which Forms to File, and When
Most tax-exempt organizations are required to file an annual nonprofit tax return with the IRS. Which form you file typically depends upon your financial activity, as indicated below. Following are some general guidelines for determining which tax form to file with the IRS: Form 990-N e-Postcard — Gross receipts normally ≤ $50,000 | IRS 990-N…
HOA Tax Return Guide
Have you been charged with filing taxes for your Homeowners Association? In general, HOAs don’t pay taxes because they don’t have a profit. In other words, the income that comes in (membership dues, fees, assessments) is used on the usual maintenance stuff and it’s all a wash. However, HOAs must still file a federal tax…
Wrapping Up the End of Your Financial Year [Homeowners Associations]
The end of the year is approaching, which not only means wrapping presents but wrapping up your year. For some, a new year also marks a new financial year for your Homeowner’s Association. So if you’re a part of your neighborhood HOA, you may be feeling overwhelmed. Don’t worry though, we will help you figure out what…
Maintaining Your Tax-Exempt Status
Whether your organization has been tax-exempt from day one or it is a recent change, you have come to this post for a great reason: maintaining your tax-exempt status. There are many benefits to being a tax-exempt organization. The obvious ones being federal tax exemption, tax-deductible contributions and sometimes exemption from employee tax. This status…
How do PTAs, PTOs and Other Parent Groups File Taxes?
Parent Group, PTO & PTA Taxes 101 Taxes. If you dislike doing your own personal taxes, you’re likely not looking forward to filing your nonprofit’s taxes. Right?! Like it or not, Parent Teacher Associations and Organizations who have a federal exemption (think 501(c)3 status) must file a 990, 990N, or 990EZ every year. But how?…
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Connect your Bank, Paypal and Square accounts to MoneyMinder PRO to directly download transactions, saving you time and effort. You just review the transactions to ensure they are properly categorized and fill out any required fields.
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