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If your not-for-profit is shorthanded, you may decide to engage independent contractors to pick up some of the slack. Just make sure you’re collecting the right information. Organizations need a completed Form W-9 for every nonemployee they pay for services. Obtain this information before you pay contractors’ invoices. If a contractor doesn’t provide you with

Planned, legacy or deferred gifts are often larger than current donations, so not-for-profits can’t afford to neglect pursuing them. These gifts generally are made through wills and living trusts, retirement plan and life insurance beneficiary designations, or via more complex charitable annuities and trusts. Include information about planned gifts on your website and in promotional

Even if your not-for-profit rarely needs to reimburse staffers, board members or volunteers, reimbursement requests almost certainly will come up. A reimbursement policy will make the process easier and reduce the risk of any disagreements. Policies generally fall into one of two categories: accountable or nonaccountable. Reimbursements under an accountable plan generally aren’t taxable for

Even though social media is generally free or low cost, your not-for-profit should apply staffing resources to it wisely. Review and potentially revise your social media strategy at least once a year, prioritizing frequent posting to platforms your supporters use most. If you don’t have a social media policy, create one that outlines what can

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1.

When times are turbulent, your not-for-profit’s budget could end up falling short. Even if you’ve already made a fixed budget for 2024, consider taking a different approach in the future. You might, for example, write a rolling budget, with periodic dates (such as quarterly) when you adjust numbers according to circumstances. A more dramatic approach

For the past two years, the U.S. unemployment rate has remained below 4%. This is great news for jobseekers but it can make hiring for your not-for-profit challenging. Consider looking within. By promoting existing staffers, you can save on the costs of recruiting workers. In addition, the process could go faster because you already know

Are you dreaming of buying a vacation beach home, lakefront cottage or ski chalet? Or perhaps you’re fortunate enough to already own a vacation home. In either case, you may wonder about the tax implications of renting it out for part of the year. Count the days The tax treatment depends on how many days

If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2024, filing date and

More and more U.S. workers are calling for “pay transparency,” and not-for-profit employers need to listen — and act. Pay transparency is the idea that employers should openly share their compensation policies and practices with job candidates, current employees and the public. Many states and cities have already passed pay transparency laws. But even if