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Investing in the Home Team: How NIL Collectives Can Maximize Tax Savings

CTP

A Certified Tax Planner can help with this and make sure you understand how the approval process works and how the timeline impacts future tax returns. Third, even though nonprofits can gain an exemption from federal income tax, they are still responsible for other taxes, such as payroll taxes.

Tax 52
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Unpacking the Tax Credit Hype: Which Employers Qualify for the Employee Retention Credit?

CTP

The IRS has a set of “ hobby loss rules ” that determine if an activity is truly a business intended to make a profit or simply a hobby—which means you would not be allowed to deduct any expenses or claim any losses related to that activity on your tax return. Tax-Exempt Organizations. What if your organization is tax-exempt?

Tax 52