Karl G. wrote:By the way, as I was doing my taxes this year, I discovered that if donations reach > $400 this venture becomes a business, and I have to pay 15% tax on it and start registering for trademarks and stuff, which incurs even more expense ($275!!!). So I guess if we get more than $400 things are going to get pretty interesting around here...but we'll get there when we get there. Let's finish this game first
ila.org wrote:Not all not-for-profit organizations qualify for a tax exemption. For instance, the American Heart Association is a not-for-profit corporation which would also qualify for federal tax exemption. On the other hand, a neighborhood homeowners' association is also not-for-profit but would not qualify for a tax break. Only certain kinds of not-for-profit organizations--charities, schools, churches, clubs, etc.--fall into the tax exempt category.
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