Month: December 2023

The CARES Act makes this tax break available even if you claim the standard deduction and don’t itemize. Cash contributions over $250 require more documentation if you claim a tax deduction. Payroll taxes aren’t the only thing your employer is covering for you. It is not given to a mosque but directly to the poor …

Is Tithing Tax Deductible? Yes, and Here Are the IRS Requirements Read More »

A nonprofit’s mission focuses on activities that benefit society, instead of trying to maximize profit. Nonprofits have a public ownership, which means nobody owns shares of the company or interests in its property. Rather, it has to be recycled back into the nonprofit’s mission and activities. A nonprofit operating budget provides a detailed overview of …

Nonprofit Accounting: Basics and Best Practices Guide Read More »