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I have an eBay business with net income of $3,000+ per month.

I also have a cat...
I have an eBay business with net income of $3,000+ per month. I also have a cat and rabbit rescue group that I started to file a 501(c)(3) but have not completed the process not knowing if I really wanted to do so. I am wondering if I should complete the steps for 501(c)3 and if so can I lower my personal income taxes from eBay business by doing so. I spend about $5,000-$6,000 per year on animal rescue. I need a CPA in my area, LaMirada, California.
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Answered in 3 minutes by:
8/28/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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MyVirtualCPA :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

MyVirtualCPA :

I am not in LaMirada California but I can answer your question regarding your animal rescue

MyVirtualCPA :

If your animal rescue is a not for profit with 501(c)(3) designation, you could lower your income tax because you will be able to deduct your contributions made to the organization

MyVirtualCPA :

You can deduct the $5,000 to $6,000 provided that the rescue organization is 501(c)(3)

Customer:

OK, guess I better complete 501(c)(3) process as people keep dumping animals at the park by my house. Thank you.

MyVirtualCPA :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,593
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Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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