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Charitable Business Contributions
A charitable business contribution is a perfect medium for businesses to do something good for other people or organizations. Eventually, the good deed will also benefit the company since the contribution will be deducted during tax time.
110 Questions
What companies in Michigan are willing to donate their unsold items?
In Michigan, several companies are known for donating their unsold items, including Meijer, which has a strong commitment to community support through food donations. Other notable examples include local grocery stores like Kroger and Walmart, as well as retailers such as Target, which often collaborate with local food banks and charities. Additionally, smaller businesses and thrift stores like Goodwill and Salvation Army actively seek donations of unsold goods to support their missions.
If you're a tax exempt organization do you pay federal taxes?
You would pay taxes on Unrelated Business Income.
What is difference between fixed asset and current asset?
The difference between current assets and fixed assets as
follows:
Current assets are flexible in nature, easy to encashable and floating money to company.
Fixed assets are fixed in nature in other words non-moving assets, not easy to encash, and are regularly depreciated.
Classification:
Current assets:
Cash - at hand and at bank
Inventories
Sundry Debtors
Advance and Deposits
Fixed Assets:
Land and Building
Furniture and Fittings
Tools and tackles
Plant and Machinery
Computer (including assessories and UPS)
What does the charity Children in Need do?
It helps children who need help in the UK and it gives them money so that they have a happy life and so that they can afford to cure the illness or disability they have. It is managed by the BBC.
Their stated mission:
We provide grants to projects in the UK which focus on children and young people who are disadvantaged. We are local to people in all corners of the UK and support small and large organisations which empower children and extend their life choices.
Contact Information:
BBC Children in Need Appeal
PO Box 1000
London
W12 7WJ
Tel: 020 8576 7788
Are computers tax exempt under the Virginia tax holiday?
No, only items under $100 dollars are exempt in VA's tax exempt holidays. I wish they were!
Form 990, the annual information return for tax-exempt organizations, should be mailed to the address specified for your organization type in the IRS instructions for Form 990. Generally, this is the appropriate address for your state and the size of your organization. If you're filing electronically, you don't need to mail a paper copy. Always check the latest IRS guidelines or consult a tax professional for the most accurate mailing information.
