Small Business Services

No. Farmland is not depreciable. Farm Buildings and machinery used on the farm are depreciable.

Trees and bushes planted on your business property can be depreciated over a 15 year period. Landscapping service expenses can be deducted in the year performed.

Most small tax-exempt organizations whose annual gross receipts are normally $50,000 or less ($25,000 for tax years ending after December 31, 2007 and before December 31, 2012) are required to electronically submit Form 990-N, also known as the e-Postcard, unless they choose to file a complete Form 990 or Form 990-EZ instead. If you do not file your e-Postcard on time, the IRS will send you a reminder notice. There is no penalty assessment for late filing the e-Postcard, but an organization that fails to file required e-Postcards (or information returns – Forms 990 or 990-EZ) for three consecutive years will automatically lose its tax-exempt status. The revocation of the organization’s tax-exempt status will not take place until the filing due date of the third year. Federal IRS offices have Forms 990 and 990 EZ forms, as well as the Instructions. You can request these forms by phone at 1-800-829-3676 (1-800-TAX-FORM). Also you can get them on line: , click on Forms & Pubs, and then Forms & Instructions.

Form 990 is due four and a half months after the close of your fiscal year. If your fiscal year ends on December 31, Form 990 is due on May 15. Use Form 8868 to file a 3 month extension.

Form 8868 is used by an exempt organization to request an automatic 3 month extension. (6 months for a corporation required to file Form 990-T. Generally, Form 8868 is due by the due date of Form 990. To be granted payment of balance due is required by the due date for which the extension applies. Mail Form 8868 to Dept of the Treasury, IRS Cenetr, Ogden, UT 84201-0045. Note that Form 8868 can be filed electronically.

NO. In general, nonprofit entities with total yearly "gross" receipts over $50,000 must file federal form 990 annually. There are exceptions of organizations who do not have to file. In general, Churches government agenciesand certain political organizations do not have to file any form. If gross annual receipts are equal to or greater than $200,000 or its total assets are equal or greater than $500,000 the Form 990 must be used instead of form 990--EZ.

Individuals and Corporations must file yearly tax returns, nonprofit entities must file annual information tax returns on Federal Form 990 - Return of Organizations Exempt from Income Tax or Form 990EZ (990 short form). These forms compile financial information including program activities, names of board members, and other basic information.

The standard mileage rate(s) for 2012 and 2011 is Charity = 14 cents a mile.

Small businesses especially those performing contracting services will be asked to bond their work in advance. In some states certain types of contractors are required to be bonded. A bond is sometimes referred to as a surety bond is a third party obligation promising to pay if a vendor does not fulfill its valid obligations under a contract. There are various types of bonds; (LICENSE, PERFORMANCE, BID, INDEMNITY & PAYMENT). A bond is a financial guarantee that you will honor a business contract.