Reliable Nonprofit Tax Preparation Services

Whether you’re a foundation or association stakeholder, tax season can prove especially challenging for nonprofits. If you’re looking for a tax partner to help you take advantage of tax season while reducing costly mistakes, you can rely on Peters Bandura, LLC. Our firm is privileged to offer efficient Birmingham nonprofit tax preparation services so that you can focus your efforts on giving back to your community. Whether you need assistance claiming deductions or navigating tax law changes, our team is here for you.

3 Benefits of Professional Tax Preparation

If you’re unsure whether our nonprofit accounting services suit your needs, there are various benefits for you to consider. During your initial consultation with our CPAs, we’ll sit down with you and outline some of the benefits of our services. Some examples of benefits include:

  1. Improving Tax Law Knowledge: Tax laws are constantly changing, and it can be confusing to keep up with them and understand how they affect your nonprofit’s filings. When you trust our firm with your taxes, we’ll bring a wealth of tax law knowledge to your corner and ensure that your filings are compliant with the latest changes.
  2. Increasing Efficiency: Our firm has spent years improving our nonprofit tax services to be as efficient as possible. As such, you can rest assured that time and effort aren’t wasted when we prepare and file your organization’s taxes.
  3. Saving You Time: From retrieving receipts and invoices to filling out forms, tax preparation takes ample time to complete. By outsourcing your tax preparation, our team will handle any time-intensive tasks so that you can focus on what matters most.

Helping You File Form 990

Form 990 is essential for any nonprofit organization during tax season. It serves as a way for stakeholders and donors to view your organization’s financial history and allows it to keep its tax-exempt status. Depending on the nature of your nonprofit, you’ll be required to fill out one of three different Form 990s.

  • Form 990-N: An e-postcard required for tax-exempt organizations with less than $50,000 in gross annual receipts.
  • Form 990-EZ: Required for mid-sized tax-exempt organizations with gross annual receipts ranging from $50,000 to $200,000.
  • Form 990: Required if an organization has over $200,000 in gross annual receipts. No matter which forms you must file, our team is here to handle the entire process.

Claiming Tax Deductions for Nonprofits

Although most nonprofits are tax-exempt, there are instances where organizations incur unrelated business income tax on their revenue. Fortunately, tax deductions provide a unique way to offset your tax bill. Even though nonprofits can’t claim the same deductions as traditional business entities, there are still plenty available. Some of the most common tax deductions we can help you claim include:

  1. Repair Costs: Inevitable costs for maintaining a building, including repairs and major renovations.
  2. Marketing Expenses: Deductions for advertising and marketing costs depending on your nonprofit’s nature.
  3. Wage Costs: Deductions for wages paid to employees, excluding interns and volunteers.

Nonprofit Tax Preparation FAQs

It’s normal to have questions about our nonprofit tax preparation services. That’s why our team is here to provide answers. Some of the most frequently asked questions about nonprofit tax preparation include:

  • When are my tax forms due? Typically, nonprofit tax forms are due on the 15th day of the fifth month following the end of your organization’s tax year.
  • What records do I need to file my organization’s taxes? Our team will guide you on the necessary records for filing your organization’s taxes.
  • My organization’s taxes are complex. Can you still handle them? Yes, our team is experienced in handling complex nonprofit taxes.

Nonprofit Tax Help for You

At Peters Bandura, LLC, we’re proud to help nonprofit organizations prepare and file their taxes. Whether your organization is tax-exempt or not, we can help make tax season a less stressful experience for you. Contact us for your free consultation today and get the Birmingham nonprofit tax preparation services you deserve!

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