Collaborate on Cab Service Bill Format for Non-profit Organizations with Ease Using airSlate SignNow

Cab service bill format for non-profit organizations

[Music] the primary purpose of IRS form 8453 is basically if you're physically mailing in IRS form 8283 because of a donation of over $500 or more in property so just as you mail in your 8283 you want to attach IRS form 8453 it's a real easy form one page you just simply check the box that says 8283 and you attach 8283 to it but make sure you put your personal information in there your personal social security number name and address goes on there and you mail that off to the IRS so that form we're going to include it to our clients so that they could get a better understanding of it inside of this dissertation and for your convenience we're going to also include IRS form 8282 in the rare cases where the nonprofit that receives a donated vehicle or property wants to resell it we now going to go deeper into module three on documenting donated property required documents from donors and importance of appraisals for certain values you should be conscious and aware of form 1040 schedule a itemized deductions you could take the standard deduction if that deduction is more than the money that you donated for the year however if you made a huge donation like say you donated a car or a house or something of that nature there you know the donor may want to itemize that deduction on schedule a itemized deductions basically uh line number 16 is for contributions other by other than by cash or a check for example all right if you make a car donation or real estate donation you want to include IRS form 8283 all right so cash contributions of money if it's over $250 or more required a detailed receipt from the chatter boo organization you get the written acknowledgement those of you that are clients um you received in the mail a sample package in the name of yourself the name of your board your nonprofit with your e number and address and um contact information on it and that form you can actually give it fill it out and give it to any of your donors like if they donated some food from your local supermarket or they donated some toys for the holidays or turkeys for for Thanksgiving or they donated some boots and coats and clothing for lowincome family or homeless people uh if they donated um electronic equipment like laptops and TVs for your community center or your church or your mass jid uh if they donated um paint and and equipment to repair your property any type of donations that is over $500 you may want to itemize that deduction but you want to look at your overall tax situation because the standard deduction every year is usually more than what you most people give in their contributions so they ain't really got to worry about it they just go ahead and check take the standard deduction depending on the year however those of you that have a giving spirit some people you know they they they do charity they do sodaka they do zakat they tithe you know so at the end of the year that donation might be um 30,000 50,000 100,000 millions of dollars so they want to do it correctly and properly and they want to itemize those deductions so that they can get the full tax right off a common mistake that donors make once you give them a written acknowledgement from your nonprofit say um a cash contribution of $250 or more you know you give them a detailed receipt whatever the case may be your IRS in gives the nonprofit the authority to give written acknowledgement to any of his donors they don't have to give the IRS a copy of the written uh acknowledgement they supposed to keep that for their records this they should hold it for three years the IRS already has your e number on file and you file your 990 or 990 EZ or 990 postcard um every 12 months so the IRS is not looking for a bunch of paperwork so they make it really easy you know so um some taxpayers that get these detail receipts you know they they they send it in and they don't have to you know and keep in mind the $250 is for if you have one cash donation that's $250 or more meaning if you got a bunch of $5 and and $10 and $20 donations you don't you don't need all that paperwork I mean less is more it's very important that you document donated property whether you're a donor or part of the nonprofit Prof organization having the right information can help you maximize the impact of each donation while staying compliant with the IRS guidelines all right so first let's talk about the required documentation remember whenever property is donated it's important to keep thorough records for donations valued over $250 in cash a written acknowledgement from the nonprofit is a legal requirement this should include the nonprofit's name the name of somebody from the board it could be the CEO or chief executive officer it could be the minister the eam the Reverend the uh the shake the guru um the Arthur the president the founder whatever title you it can also be the Chief Financial Officer it could be the treasurer it could be the executive secretary or the secretary or someone on the Secretariat staff you know so any position would suffice as long as it's a recognized and legal um position that's outlined in the nonprofit bylaws any of you that are clients you know that part of your package you get uh your nonprofit bylaws with your package so who you have on the board depending on your state your nonprofit the size of it uh it could be one person it could be three people it could be 10 people you know so so all that depends on you but you want to make sure that that written acknowledgment contains someone's that has the authority to sign that document and that that person is registered with the state um fing on the state Charter saying like yeah this person has the responsibility to make sure that the IRS paperwork is right and exact all right so the IRS just want to make sure that even though no individual or individuals can own a nonprofit in the United States of America a nonprofit is considered a person and a nonprofit being a person has certain rights and privileges like human beings do so you know you don't want to confuse your personal self with the nonprofit many people look at it like oh I'm the founder I'm the president I'm I'm the CEO I'm the boss I mean it's my business no it's not that e number and that nonprofit is its own business okay your job as a member of that board is basically day-to-day operations and the benefits of that nonprofit is being given as a tax incentive because they making the nonprofit in such a way that the person who donates a car to the nonprofit can get that money from Kelly's Blue Book Vue from the IRS as a fair market value FMV that's not your personal taxes that's not your personal money that money should be inside of a business account a nonprofit business bus account to be exact a 501c3 non-stock nonprofit doesn't mean that you as a owner founder whatever you want to call yourself can't pay yourself or pay your employees or uh board members you know you you know you have the legal right to uh use cash and credit cards and checks to operate that nonprofit to try to grow that nonprofit profit to improve on that nonprofit to expand that uh nonprofit like like uh if you need a laptop for your nonprofit you don't spend your money you spend the nonprofit's money to buy that laptop because you're going to be using that laptop for business purposes if you need a podcast mic if you need a car if you need an office if you need a house if you need a community center a church a Masid or MOS a temple a synagogue what a school whatever it is that you're trying to do There are rules and codes how you operate it but as long as you keep everything under the umbrella of your nonprofit the IRS is not going to have no problems with that so that's important for you to uh keep in mind all right now for donations valued over $5,000 the IRS requires an appraisal to verify the value of the property this applies to items like houses um commercial buildings skyscrapers farmlands um Parks you know whatever uh someone can donate to you it could be artwork you know it could be um a rap song it could it could be someone's mixtape you know but you can't have Joe Blow um make a rap song he say I'm just using is hypothetically say somebody um made a raps album a CD and is 16 songs and they donated their rap album to your nonprofit and you say okay I'm G give you a written acknowledgement this this rap album is is worth uh say $200 they may say ah my rap album is worth $2 million I mean you know and and it's it's like so the IRS will be like okay let's get this straight you taking a unsigned artist that's independent saying that his or her album is worth the fair market value of that album is worth $2 million that thing is fine fill out IRS form 8283 don't tell us on 8283 show us who certified that this album went double Platinum because other albums that go platinum get certified we want to know what professional stepped in and looked at this independent album said it's worth two million and attach that information here so now that thing is like all right um maybe the artist is independent and unknown and really is worth2 million it could be worth 20 million and the IRS would give them the 2 million or the 20 million as long as that genre is certified meaning they be like okay well um that they they they sell streams for a dollar and um here's his digital account showing that last year his one song got over 800,000 streams you know his other song got over um 400,000 the other one got over 70,000 so they be like okay it's plausible that this this album is worth $2 million and they'll send them a check from the US Treasury Department with a picture of the Statue of Liberty on there as a hologram and it'll say $2 million payable to that particular person and the nonprofit gets that particular album and can use it for nonprofit purposes or they can fill out IRS form 8282 and sell that $2 million asset to a music museum sell it to another artist and uh they may take a loss on it and say okay it was donated to us the value is $2 million we got um we sold it for 1,22 200,000 now I mean 1.2 million now I mean and we took the $1.2 million in in in cash and put it in in our bank account our nonprofit bank account they're fine know I mean so as long as you're using IRS form 8283 correctly the IRS is not going to have no problem no matter how you deing if it's Bitcoin if it's real estate if your homie got nine cars on a little car lot he could donate one of the cars he give you a truck now I mean and that thing is we we don't want your homie donating a truck to you and you're saying oh the truck is worth 40,000 and the truck is only worth 18,000 that thing is we'll give him 40,000 but on IRS form 8283 we want you to show and prove don't show and tell us how much is worth show and prove to us by Kelly's Blue Book or some vehicle Blue Book that this car this truck this yacht this speedboat this canoe this camping equipment whatever it is is worth what you're saying on the written acknowledgement your written acknowledgement should reflect the FMV or fair market value of that particular property as fairly as you can my thing is you shouldn't be too high you shouldn't be too low use the Goldilocks formula you should be right in the middle now I mean if if Kelly's Blue Book say this truck this make this model um this year the truck um the condition of it is good condition but it got a lot of miles on it when it was brand new was worth this and this truck as of today is worth between no less than um $40,000 and no more than $60,000 my thing is you get the truck donated you get them a written acknowledgement for exactly 50,00 ,000 you don't go too low 40,000 it's worth no less than 40,000 it's worth no more than 60,000 you go right in the middle 50,000 and when you do a car donation you ain't gonna hear nothing from the IRS because you're doing it right and the person gonna get that money you do a truck donation a a used jet um donation a used airplane private airplane donation a a boat a yacht whatever a helicopter the motorcycle no problem just use a professional standard anytime you do the appraisal don't let your homie do the apprais you don't look at a house and say oh This Old House I could fix this join up it's it's going to really be worth it's not what it's going to be worth if they donate it to you what is it worth right now 60 days within that donation that that appraisal is only good for 60 days two months family not 61 days it's only good for 60 days it's no good if you didn't get it appraise if you didn't get it appraise professionally they're not getting a check they're not going to get no money they could donate it to you but they ain't gonna get no money you see so you want to make sure you have a professional appraiser come out and do a proper appraisal of that uh property it could be a old ragley house it could be a mansion it could be a uh a couple of Acres of Farmland it could be millions of acres of land I mean land uh real estate skyscrapers string districts business houses what have you Twin Twin Homes town houses the IRS don't care what type of real estate it is they really care that a professional appraiser is the one who signed IRS form 8283 and put his or her signature on there and their uh company's e number and the name of that company and address to that company and the date that they did that appraisal and you got um a copy the donor got a copy of the appraise so y'all y'all good to go y'all got all the proof y'all need know I mean when it come to that kind of stuff but a lot of people think they could just um watch a video on YouTube and just fill out documentation and they don't know what they doing and it don't work and they the money don't are are are they they get a lean on that property I like yo you you owe us y we you know we we come we come to we we we we revoking your nonprofit stats you no longer have 501c3 stats because you don't you don't know what you're doing you're doing it wrong you know what I mean so knowledge is power family make sure you do it correctly make sure you do it legally understand everything is computerized so they going to they going to see what you don't see all right so keeping those records important like I said keep them records for at least three years make sure everything's transparent um and remember IRS form 8283 is for small nonprofits and big nonprofits don't think that just because you're not the Red Cross and you making billions of dollars that you don't have power and need in promoting common unity in the community nonprofits come in where everybody else fails know I mean everybody can't eat everybody don't have shelter everybody don't have health care everybody can't pay the electric bill so grants and donations and volunteers is very important family always has been now I mean you always going to need people that need help some people get hurt some people um have um mental health issues some people have addiction issues some some some some people suffer War you know and you know they going to need not just a handout they going to need a hand up so helping people to help themselves is an honorable thing you should live your life in a struggle for Peace Truth freedom justice and equality it gets greater later e e e e e e e e e e e e e e e e e e e e