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Showing posts from August, 2023

Part II: What Does Having a Nonprofit Really Mean

  To pick up where we left off ( and if you don't know where we left off, you may read part I here ):     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 .       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 &