2006-10-10 09:36:53 · 5 answers · asked by baileysusamotors 1 in Business & Finance ➔ Taxes ➔ United States
Form 990 or 990 EZ
2006-10-10 09:46:41 · answer #1 · answered by RamsGod 3 · 1⤊ 0⤋
Have you incorporated your business? A "non profit business" is a corporation that operates as a non-profit under section 501(c)(3) of the United States tax code. These corporations are exempt from federal income taxes and most state taxes. If you have a 501(c)(3) corporation, you will need to file IRS Form 990 or 990-EZ to report the organization's income and expenses.
If you have a corporation but have not applied for and received 501(c)(3) exemption, then you will need to file IRS Form 1120.
If you have not incorporated your business, you will need to file a Schedule C along with your personal Form 1040 to report your business income and expenses.
Due to the complexity of your tax situation, you should seek the advice of an experienced tax professional.
All the best,
William Perez
About.com Guide to Tax Planning
http://taxes.about.com/
2006-10-10 17:36:26 · answer #2 · answered by wperezsf 2 · 0⤊ 0⤋
A non-profit files a 990 - or 990EZ if the meet the limitations. There are attachments to these that need to be filed.
2006-10-10 23:18:05 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
you can file schedule c for your business and form se for self employment tax. with schedule c you will find out if you have a loss or a gain
2006-10-10 16:46:06 · answer #4 · answered by gail w 2 · 0⤊ 1⤋
I would talk to an accountant, they will probably save you more money than cost you.
The IRS says this...
http://www.irs.gov/charities/article/0,,id=96103,00.html
2006-10-10 16:41:54 · answer #5 · answered by wearewarm 2 · 0⤊ 0⤋