Taking Your Spouse on a Business Trip? Can You Write Off the Costs?
The rules for deducting a spouse’s travel costs are very restrictive for small business owners. Here’s what you can & can’t write off for tax purposes.
Capitalizing on Opportunities for Automation in Your Organization
Learn how to streamline processes, identify areas of automation, and create a roadmap of action items with BDO Digital’s Rapid Automation Assessment.
Why Uncertainty Calls for a More Flexible Budget
When times are turbulent, your nonprofit’s budget could end up falling short. Consider a more flexible rolling budget or reforecast your current budget.
If Your Business has Employees Who Get Tips, You May Qualify for a Tax Credit
If you’re a restaurant owner with employees receiving tips, you may qualify for a lucrative tax break. Here’s what you need to know.
Best Practices for Effective Board Meeting Minutes
Board meeting minutes may seem like a formality. However, they can become critical documents if your nonprofit is ever audited by the IRS.
Social Security Wage Base for Employees and Self-employed People Increasing in 2024
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax.
Why Your Nonprofit’s Board Needs to be Diverse
Ideally, a nonprofit’s board of directors should mirror that of its community and clientele. Does yours? Identifying that your board needs more diversity is the easy part, though. Figuring out what to do about it can be more difficult. But it’s important because it can affect your funding and program effectiveness.
What Types of Expenses Can’t be Written Off by Your Business?
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. For example, the tax law doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in the first sentence of Section 162, which states you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.”
Planning Ahead for 2024: Should Your 401(k) Help Employees with Emergencies?
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done through what the law calls “pension-linked emergency savings accounts.”
Nonprofits: Special Events Call for Tax Planning
Tax reporting may be the last thing on your mind when planning a special fundraising event. But your not-for-profit should carefully track revenues and expenses and retain related documentation now to facilitate the reporting process later. Pay attention to the following issues.
