- And I don't play the lottery. While I don't judge others for gambling ( most everyone has his or her vices and/or diversions ), I for one don't gamble. OK, you'll catch me buying a scratch off maybe twice a year, when I've received birthday money for example. And naturally, it's rare that I win. And when I have won, it's never been for more than $20.00. That's all fine and well. It's no big deal, but for the fact that I don't like it. I'm a very passionate and engaged human being, so it's in my nature to 'go there' quickly and with an almost-pre-conceived notion that, 'I'm gonna win.' If I'm scratching off for a potential $20,000 grand prize, try as I may to reel myself in, I'm seeing myself winning that $20,000 prize as I scratch away ~not the $20 one. Then the let down is so... disappointing . It's so icky to feel like you've lost, when you've invested time,
To pick up where we left off ( and if you don't know where we left off, you may read part I here ): https://thepawandfeatherplan.blogspot.com/2023/07/what-does-having-non-profit-business.html Taxes: 1.) 501c3 non-profits do pay sales and use tax. -We pay the same 6% sales tax that every other business in the state of Ky. pays... quarterly, via https://onestop.ky.gov/Pages/default.aspx . In simple terms this means you pay 6% of any and all profits you generate through sales of goods or services (pet adoptions, dog training, sales of collars, anything like that would be taxable). -You do not pay S & U tax on donations received ( sometimes I wish I were more of a fundraising-type! ). 2.) 501c3 non-profits do pay employer taxes and must issue W-2 forms to W-9 employees at the end of each year. We're responsible for calculating federal, state, city and social security withholdings from employee's pay. Then we pay the 'difference' that we &