‘profits’ Tagged Posts

Non-Profit organizations and tax deductions?

Ok, my wife works for a 501-c non-profit organization. What they do is, they run a home improvement business (window replacements, siding etc) and wi...

 

Ok, my wife works for a 501-c non-profit organization. What they do is, they run a home improvement business (window replacements, siding etc) and with the profits of their work they feed the homeless, elderly and help the poor pay utility bills.

Their weekly profits are about 00 a week, so they do good work in the community.

Here is my question, say a customer buys replacement windows for 00. Since they are buying the windows from a non-profit, can they take a 00 deduction on their taxes?

I've been filing a business write-off on my personal taxes. How do I close out the business on my tax return?

 

I am a writer who has filed business write-offs on my personal tax return for 5 years as per the law. I have not made profits in those years. I have been advised by my accountant that tax regulations do not favor my continuing to file business write-off because I have not made a profit so should close out the writing business. How do I go about filing my taxes now? Do I just ignore the past years write offs as thought they were never deductions?

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