If education and healthcare institutions can do it while providing 6 and 7 figure incomes to their administrators why not other service providers? If you’re reinvesting your profits in building your company why pay taxes on that income?
Once a non profit hits profitably they start giving things away
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It exists
If you a non profit hospital money at the end of the year they reduce the bill to avoid profit.
Friend of mine bill was reduced about 10k
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non-profit doesn’t mean it doesn’t earn a profit. it just means that any profit earned remains in the organization for the improvement of it’s service a non-profit has no owner. it has no shareholders.
a business is different, it has an owner and at least one shareholder. profit can be taken out and used to benefit the owner personally. if a business helps an individual family or person, it can’t be designated as a non-profit.
Yes!
Non profit means the organization creates no profit, but the sky is the limit for the DMs salaries…
I have seriously considered creating a non profit org before, but wasn’t creative enough to think of a good one…
All you need to do is play with peoples emotions (ideally womens) and they will fork over cash thinking you will do something positive with it… ACPCA does a good job at this pushing those buttons…
The problem is in most organizations, a very small percentage of those donations actually make it to the cause…
You don’t even need to try that hard , wealthy people need( mandatory by CPA ) to donate a certain % of there income . You just need to be the most appealing to them.
“I help people in low income housing get there windows washed”
Something like that , and you never know , maybe some wealthy guy throws 100k at you .
Then your non -profit pays your window cleaning company . And there you. It’s that simple . * you should ask a non profit attorney , or google it
The sad part is that the non profits only has to give 5%-10%of the donations to the cause. The rest they can use on overhead.
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I believe you have to apply to the IRS to become a non profit organization. Fill out the forms and then they decide whether to approve or deny your application. Only donations to approved entities are allowed to be deducted on a persons tax return. They have a website with all the approved non profit organizations.
There’s a guy in my BNI who runs a non-profit janitorial company
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how does he run non-profit janitorial company Larry can you find out for all of us.
this whole thread is ridiculous. there is no possible way you could ever have a viable “non-profit” window cleaning or pressure washing company. if you somehow managed to set one up, it would be on borrowed time. good luck evading the ftc or the irs for any significant amount of time before they bust your chops and drop mad fines on your fat butt.
not to mention the moral implications. the non-profit system exists to provide life-enriching and need fulfilling social services like:
-winter coats for orphans
-cans of beans for hobos
-dental work for impoverished single parents and kids
-foreclosure avoidance for distressed homeowners
etc.
if you are trying to game the system by providing a luxury service (window cleaning, pressure washing, etc.) as a “non-profit” just so you can avoid extra taxes and line your own pockets…then you suck. period.
sorry for the rant, but this is just absurd and i had to speak up.
here’s a citation to back up the above comments (took me 5 seconds on google to find it, and by the way, this is Donald Shapiro’s company- you know, the guy who got O.J. off…)
Could you turn your business into a non-profit? | LegalZoom
I thought that big bubba was the one getting oj off…
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i assume you’re referring to johnny cochrane? he was the sizzle. shapiro was the steak.
Non profit tax laws are joke I see heads schools, churchs and hospitals hide behind that law and I see pple start karate gyms call the3m schools to hide money. I saw that law needs to be taken away.
^so ask yourself: “Do I want to be in the same category as those frauds?”
I was speaking present tense…
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oh you mean now that he’s in jail. i get it now… haha, sorry my prison terminology isn’t so good.
That’s the funniest thing I’ve read all week! Thanks for the laugh.
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