Tax Services for Non-Profits Peoria IL

Find Organizational Success with Tax Services for Non-Profits in Peoria IL

There are a great many causes that American’s subscribe to daily. And one of the best ways to support a specific cause is to donate to or become involved with a related non-profit. However, even non-profits need support when it comes to organizing finances and tax filings. Thankfully, tax services for non-profits in Peoria IL are just within reach! Allow the professionals at Martin Hood, LLC to assist your charitable organization.

What’s Unique About Non-Profit Taxes?

Yes, non-profits must file taxes like any other business or organization. However, as a non-profit, you may be eligible for more tax breaks or incentives than your standard “for-profit” organization. And receiving those benefits means navigating a more complicated tax filing process than most.

• Tax-Exempt
  • Part of being a non-profit organization means you are exempt from most individual and corporate taxes. Besides paying for employee taxes or other taxes not directly related to your organization, non-profits get a pass on tax payments. Although, you must continually meet specific rules and regulations to continue receiving tax-exempt status.
• Rules and Regulations
  • As was mentioned previously, a non-profit must stay up to date with the latest regulations to keep tax-exempt status. For example, non-profits must not serve the personal benefit of organizers, cannot financially support or endorse political candidates, must continue reporting profits, and more.
• Unique Tax Filing
  • Speaking of reporting profits, just because a non-profit is exempt from paying taxes doesn’t mean they can skip out on tax filing. In fact, tax filing for charitable organizations can be complicated, as it requires specific documents like Form 990 and others. Thankfully, we can help your organization out with tax services for non-profits in Peoria IL.

Tax Planning for Your Industry

While non-profit tax filing might be complex for some, it’s one of the many industries Martin Hood has come to be familiar with. To provide our clients with the best possible service, we have educated ourselves on the financial intricacies of numerous industries. For example, we provide tax planning, accounting, bookkeeping, assurance services and more for:

• Agribusiness
• Cannabis/Hemp
• Construction
• Employee Benefit Plans
• Government
• Manufacturing, Wholesale & Distribution
• Real Estate

Call Today

Find industry-focused assistance with the tax services for non-profits in Peoria IL with Martin Hood, LLC. Learn more by calling us today at 309-322-7643. Also, our Peoria office is located at 4801 N Prospect Rd, Peoria Heights, IL 61616.