Getting Paid Back for Doing Good

Some things, the IRS says you must do. Other things, the IRS will reward you to do, such as donating to charities that help people from local communities to nations across the globe. Donations of money or property may be deductible and reduce your taxable income. You get to feel good, do good, and save taxes. Talk about a win-win-win situation!

So how can you benefit others and yourself at the same time? Here are answers to questions you may have about whether charitable donations can reduce the bottom line on your tax return.

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Taxes and Same-Sex Marriage

Some things change while others stay the same. The federal government, most states, and the District of Columbia have changed their laws to recognize all marriages, including those of same-sex couples. What hasn’t changed is the need for all individuals, including same-sex couples, to pay income taxes in compliance with applicable laws and regulations. But what ARE the applicable laws?

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Is Grant Funding an Option for your Organization?

Be Aware of Grant Benefits and Costs

Grants can be an attractive funding source, especially for nonprofits who need resources for mission-critical programs and services. Grants can come from foundations, corporations, and others to support causes that they care about. Government agencies provide grants in support of the public good, such as community projects. Unlike loans, grants do not need to be repaid. But that money is not entirely free. You need to be aware of the responsibilities that come with receiving and expending grant funds.

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How to Make Sure that your Vendors Deliver as Promised

Running a business is much like raising a child; it takes a village. In the business world, however, the village consists of vendors and outsourced professionals. Without these resources, your business can turn into a one man show/torture device and quickly burn you and your business out. Hiring vendors to provide goods to supplement your services or to outsource projects/work in order to maximize time can widen your profit margin. Yes, outsourcing can be great. But don’t forget that it also means verifying whether your vendors deliver or perform as promised.

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