Why 97% Of Nonprofits Fail At Fundraising?
VIDEO TRANSCRIPTION – Why 97% of nonprofits fail at fundraising? Avoid this. Who is GuideStar? Hi, I’m Steven D. Cooper, also known as your tax strategist. Coach Coop with Coopers Accounting Service because your financial freedom matters.
If you’d like to learn more great tax tips, download a popular financial guide at a website, your financial freedom matters.com, or click on the link below this video. Who is GuideStar? Technically, Guystar.org. It is a nonprofit.
It is where all 990 N’s, 990 EZs, 990 loan forms, all federal nonprofit, when they file their tax returns, the IRS sends the electronic tape to GuideStar.When they send it to GuideStar, they put everything together. It may be here, maybe here, maybe here.
We advise our clients to seize your account and put everything in the proper settings within GuideStar. Why is this so important? It is important because when a donor or grantor is looking at your account and you do not have GuideStar and have your account set up properly, you’re more than likely going to get turned down for your grant
So we explain this to clients. Take advantage of GuideStar. It is free and all you got to do is show proof who you are and the money will start coming in.
For more easy financial tips, sign up for our financial tip newsletter by going to your financial freedom models dot com or click on the link below this video. You can also download our financial guide as well. if you like a free 20-minute smart money,
Consultation, give us a phone call. 562-436-2600. Well again, I’m Steven D. Cooper, your tax strategist, also known as Coach Coop with Coopers Accounting Service.
Please do not miss our next video. It will be designed just for you.
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Why 97% Percent Of Nonprofits Fail At Fundraising?
3 Nastiest IRS Taxes That Can Cost You $1000's
VIDEO TRANSCRIPTION – 3 nastiest IRS taxes that can cost you $1000’s. Tip 2 of 3. What is a constructive dividend? Hi, I’m Steven D. Cooper, also known as Coach Cooper your tax strategies with Coopers Accounting Service because your financial freedom matters
If you’d like to learn more great tax tips, download our popular financial guide at our website, yourfinancialfreedommatters.com or click on the link below this video.
Once again, what is a constructive dividend? It is primarily designed for C corporations. It is where one of the owners slash shareholders pays himself a salary, let’s say a hundred thousand dollars, but they paid themselves a dividend two hundred thousand dollars.
So if they get it get their hand caught in the cookie jar, meaning IRS audit, that dividend can be designed as a constructive dividend. What do you mean by that, Coop? It means that there’s a penalty for this.
The penalty is technically 50%, 25% of the penalty goes to the individual, the other 25% goes to the corporation. It is a very nasty and punitive penalty because you did not pay yourself what the IRS deems to be a reasonable salary.
We always advise our clients: your dividend should never be more than your payroll.
For more easy financial tips, sign up for our financial tip newsletter by going to yourfinancialfreedommatters.com or click on the link below this video. You can also download our financial guide as well.
If you like a free 20-minute smart money consultation, give us a phone call, 562-436-2600. Well again, I’m Steven D. Cooper, your tax strategist with Coopers Accounting Service.
Please don’t miss our next video. It will be designed just for you.
Call now for your FREE Consultation – (562) 436-2600
3 Nastiest IRS Taxes That Can Cost You $1000’s
The Accountant Advantage Every Small Business Misses
VIDEO TRANSCRIPTION – The Accountant Advantage Every Small Business Misses. Hi, I’m Steven D. Cooper, also known as Coach Coop, your tax strategist, with Coopers Accounting Service, because your financial freedom matters.
If you’d like to learn more great tax tips, download our popular financial guide at our website, yourfinancialfreedommatters.com or click on the link below this video.
Working on a deal with a client and in this deal one can look at this as a deal that comes from the heavens because it’s going to be a lifetime deal where this guy in the second generation sons have made some bad choices.
And one son is more business minded than the other son. Here’s the problem with this. The other son who’s not business minded is the one who’s making all the bad decisions. So they are getting ready to sell this business to one of my clients, and it’s just basically taking over the payments.
The assets, which is pretty much two to three million dollars.They’re just giving it away because they stop, won’t they want to stop making the monthly payments. So I’m telling them that you need four people on your team. First one, business broker.
The business broker, this is the person that writes up the legal agreement that benefits both sides. It benefits the buyer and it benefits the seller. Each party knows what they’re going to be doing and what they’re not going to be doing.
The lender. The lender is also primarily a banker. This person is going to design which loan works best for you. With this client, a conventional loan does not work for them. A line of credit
loan works for them because they only want to pull down the money that they need.
So they may not need all the money. Obviously your accountant. Your accountant is the person that’s going to be responsible for drafting up the tax returns and drafting up the financial statements depending upon the terms of what the lender wants to see.
The conduit. The conduit is the person who makes the everything flows. So that person talks to the business broker. That person is also talking to the clients. That person is also talking to the lender. That person brings everything together.
For more easy financial tips, sign up for a financial tip newsletter by going to yourfinancialfreedommatters.com or click on the link below this video. You can also download a financial guide as well.
If you like a free 20-minute smart money consultation, give us a phone call at 562-436-2600. Well, again, I’m Stephen D. Cooper, your tax strategist with Coopers Accounting Service.
Please don’t miss our next video. It will be designed just for you.
Call now for your FREE Consultation – (562) 436-2600
The Accountant Advantage Every Small Business Misses
"Consider The Source"
VIDEO TRANSCRIPTION – Hi, I’m Steven D. Cooper, your master tax strategist with Coopers Accounting Service. Quote of the day. “Consider The Source”. I had a very interesting conversation with my mother-in-law today regarding one of my sons.
We were trying to encourage him to get his own house. As a result of this, we were both trying to explain through our years of experience in making poor choices about buying a house.
And in Southern California, how prices go up and dramatically go up. this is one of the times that you want to be to buy a house as a result of this. So in him in him listening to his friends.
My mother in law used to be a former real estate agent. So she still at her age of over 70 years old, she still, you know, is has her ear close to the real estate market. We help several clients on a monthly basis, buy houses as a result of this.
So, which source do you want to consider? A lady that has over 50 years of real estate, experience or a guy that owns a tax return for over 30 years and does this minimum 5 to 10 times a year, or your friends that have W-2 jobs and don’t even own a home yet.
So, once again, consider the source.
For more easy financial tips sign up for our financial tip newsletter by going to your financial freedommatters.com or click on the link below this video. You can also download our financial guide as well.
If you’d like a free 20-minute smart money consultation, give us a phone call at 562-436-2600. Well again, I’m Steven D. Cooper, your master tax strategist with Coopers Accounting Service.
Please don’t miss our next video. It’ll be another great tax tip just for you.
Call now for your FREE Consultation – (562) 436-2600
“Consider The Source”
The 3 Nastiest IRS Taxes That Can Cost You $1,000s Of Dollars
VIDEO TRANSCRIPTION – The 3 nastiest IRS taxes that can cost you $1,000s of dollars. This is tip one of three. Hi, I’m Steven D. Cooper. Your tax strategist, also known as Coach Coop with Coopers Accounting Service, because your financial freedom matters.
If you’d like to learn more great tax tips, download our popular financial guide at our website, your financialfreedommatters.com or click on the link below this video.
Number 1, it has different names, and I won’t go through the different names. SE tax also means self-employment tax or social security tax.This tax is taxed at 15.3%.
Half of it as a deduction, then half of it as a tax. As we were seeing the client this past Friday, the client was set up as a Schedule C business. Schedule C businesses, most of 1099s, as well as partnerships, as well as single member LLCs, all governed to be subject to self-employment tax.
So in this client, example, he was subject to a ten thousand dollar self-employment tax. So once we move him to a more better entity, we’re going to save him $10,000.
So in this case, this is 21 or 25, that’s going to be 10,000 x 5. So it’s over $50,000. That’s also going to save him penalties and interest as well, too. So it is a natural amount of money that we’re getting ready to save this client.
Just by changing the entity formation. Remember that, if you’re in the wrong entity, or in some cases, you’re in an entity where some tax advisors are not skilled in doing business tax returns, they feel more comfortable doing the schedule C or Schedule E.
Schedule E is designed for real estate related transactions. For example rental properties they will not tell you that they don’t have the skill set to do business tax returns because it will not work out in their best interest because they may lose you as a client.
But your best interest is to find a business tax strategist or someone that’s more familiar with doing business tax returns.
For more easy financial tips, sign up for a financial tip newsletter by going to your financial freedom modest dot com or click on the link below this video. You can also download our financial guide as well.
If you’d like a free 20-minute smart money consultation, give us a phone call at 562-436-2600. Well again, I’m Steven D. Cooper. Your tax strategies with Coopers Accounting Service.
Do not miss our next video. The next one we’ll cover will be just for you.
Call now for your FREE Consultation – (562) 436-2600
The 3 Nastiest IRS Taxes That Can Cost You $1,000s Of Dollars
8 Common IRS Red Flags That Trigger An Audit
VIDEO TRANSCRIPTION – 8 common IRS red flags that trigger an audit. This is tip 1 of 8. Hi, I’m Steven D. Cooper, your tax strategist with Coopers Accounting Service, because your financial freedom matters.
If you’d like to learn more great tax tips, download our popular financial guide at our website, yourfinancialfreedommatters.com, or click on the link below this video.
Tip #1 one starts with what is a real estate professional? A real estate professional by the IRS is a person who commits to 750 hours in real estate related fields. One of the key things is that majority of your income must be real estate related. Can you be a broker? Yes, you can. Can you be a real estate agent? Yes, you can.
But you have to materially key word materially participate. So as I was talking to a client, his business income is over $900,000. He also owns three residential rental properties. It has a loss over $400,000. But they residential, they’re not commercial.
So that means that majority of his income is derived from his company. It is not derived from his real estate. And sadly, his tax person applied the $400,000 loss to his tax return.
That should never have happened because he’s not a real estate professional. And if he is found out by the IRS, which sadly is a high probability, he’s going to have to pay that.
Money back because the loss does not exist. As a result of that, it could be conflicted that it is a fraudulent transaction because the software never should allow that to happen as a result of this.
So getting advice and getting the right advice is always pertinent on the tax returns as a result of this.
For more easy financial tips, sign up for a financial tip newsletter by going to your financialfreedommatters.com or click on the link below this video or simply download our financial guide as well.
If you like a free 20-minute smart money consultation, give us a phone call at 562-436-2600. Well again, I’m Steven D. Cooper, your tax strategist at Coopers Accounting Service.
Please don’t miss our next video because it’ll be another great tip just for you.
Call now for your FREE Consultation – (562) 436-2600
