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Huntsville Alabama online Form Instructions 1023-EZ: What You Should Know
What to Include in Your New Alabama Nonprofit Application For information about adding any items to your business expenses and your income tax return, see the following: Business expenses. Expenses of the organization that are: a) not deductible in the application for federal income tax exemption, including business overhead expenses not used to provide services or products to your customers or to the public (such as legal fees that are paid in addition to the cost of your service or product); or b) which are deductible by your organization and have an allowable business expense basis in a Federal return. Example: If you are a nonprofit organization, and you provide a legal services company with legal help, then you would likely be required to submit an expense claim for any reimbursement costs incurred. Business expenses (including overhead). Expenses incurred in the carrying on of your business that are not subject to Federal income tax exemption, such as office expenses, rent (including utilities), insurance, and personnel. Exclusions from Business Expenses All allowable business expenses, including fees for advice, training, or consulting, are allowed as business expenses. However, there are certain specific situations where you may be able to exclude certain business expenses. Excluded business expenses. You may be able to exclude a certain amount in a year from the basis of any business expenses that were incurred in carrying on your business. For the purposes of this exclusion, you may include both capital and operating expenses. An operating expense is a cost and an expense incurred during a period of continuous activity. To determine whether an expense is considered capital or operating, the expenses must have a useful life (or period of useful life) that generally does not exceed a reasonable amount of time and not be extended for a period, or for a particular purpose, not incidental to the business. Expenses incurred in building your or your affiliate's business, such as mortgage, utility and rent payments, are deemed not to be operating expenses. Example: Your organization buys a car for 5,000 and leases it for 2,000 a year for 20 years. The fair market value of the car is 6,500 per year. Any taxable income of the organization during the period from the purchase through the lease is 10,000.
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