If I were you, I would read this blog in its entirety to find out exactly how to prepare for the upcoming April 17 income tax filing deadline.
The most recognized and discussed tax day of the year, April 17th is not just for personal income tax return filings, but did you realize that some exempt organizations are required to file on this Tax Day deadline as well?
Here are three easy ways to prepare for the Non-Profit Tax Day Deadline.
3 Easy Ways to Prepare for the Non-Profit Tax Deadline
1. Know Which Non-Profit Form To File
If your nonprofit or tax-exempt organization operates on a fiscal tax year beginning in December and running until November, you must file one of the following 990 Forms by April 17th:
Form 990-N (e-Postcard): Filed by tax-exempt organizations with gross receipts less than or equal to $50,000.
Form 990-EZ: Filed by tax-exempt organizations with gross receipts that come to less than $200,000 and $500,000 in total assets.
Form 990: Exempt organizations with more than or equal to $200,000 in gross receipts or total assets more than or equal to $500,000 typically file Form 990.
: Filed by Exempt & Taxable Private Foundations as well as Non-exempt Charitable Trusts which the IRS treats as private foundations.
2. File With A Trusted IRS-Authorized E-filer
Once you have determined which form you should file, take the next step and complete the filing process with a trusted tax filing service such as ExpressTaxExempt.
Our step-by-step tax preparation takes the hassle out of IRS nonprofit filing by providing a simplified interview-style e-filing process.
Basically, you won’t have to stay up all night filing or need Aspirin for that “tax headache” that you have been worried about.
3. Get a Tax Extension for Your Non-Profit
We understand that you are busy and most likely have an upcoming service opportunity that you need to get back to planning or participating in. For this reason, we provide IRS Form 8868 that grants your organization an additional 6 months of filing time to complete and transmit 990 Forms.
It takes just a few minutes to apply for this extension and before you know it, you will be able to breathe again after realizing that you have until October 15th, 2018 to file. Sign-up for a free account today to get started filing your non-profit tax extension.
File with ExpressTaxExempt and forget about IRS penalties!