Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Im starting a non-profit and Ive filed 501C paperwork but…

Customer Question
Im starting a non-profit...

Im starting a non-profit and Ive filed 501C paperwork but need to open a bank account to follow the money.... If i open a club account with Wells fargo which is a Sole proprietor what information i need for the IRS?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

No thats all i have

Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 39 minutes by:
12/12/2017
Tax Professional: Barbara, Enrolled Agent replied 2 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,758
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

A sole proprietorship cannot be a non-profit charity. Only corporations, limited liability companies, certain trusts and unincorporated associations are eligible.

How did you file the 501(c) paperwork?

See the following: http://smallbusiness.chron.com/can-sole-proprietorship-nonprofit-charity-72954.html

Ask Your Own Tax Question
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,758
4,758 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I need to transfer my sole proprietor business from my name
I need to transfer my sole proprietor business from my name to my husband's name. Everything will stay the same except it will be in his name and not mine. We are in Pennsylvania. Do we have to get a … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Our club which is incorporated and non-profit received a
Our club which is incorporated and non-profit received a 1099-MISC for grant money we received. I am not sure what to do with it. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
735 satisfied customers
I had a sole proprietor jewelry design business in New York
I had a sole proprietor jewelry design business in New York and have a certificate of Authority. I have just moved to Tucson Arizona and think I need to end the NY Certificate of Authority. I will be … read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
168 satisfied customers
I am a sole proprietor, working as a consultant and travel
I am a sole proprietor, working as a consultant and travel to several cities for a week to a month at a time. Can I deduct the GSA per diem for meals and for lodging or must I deduct actual expenses o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I started a sole proprietor business out of my home in 2017
Second opinion] Hello, I started a sole proprietor business out of my home in 2017 and wish to figure how to claim my $4,000 loss.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
As a sole proprietor, what do I need to do to become a
As a sole proprietor, what do I need to do to become a corporation how would this affect my taxes?… read more
Barbara
Barbara
Enrolled Agent
4,758 satisfied customers
Our company purchased an R.V. from a sole proprietor last
Hello, Our company purchased an R.V. from a sole proprietor last year for $1,480.00. Do we send a 1099?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I started a sole proprietor business out of my home in 2017
Hello, I started a sole proprietor business out of my home in 2017 and wish to figure how to claim my $4,000 loss. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,311 satisfied customers
I'm a sole proprietor in - wanted to plan for taxes and know
I'm a sole proprietor in KY- wanted to plan for taxes and know where to send taxes in.1. Which am I taxed on- gross or net profit?2. How much tax do I pay if my net profit is $1150 per month? How much… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My brother is a sole proprietor and has another guy that
My brother is a sole proprietor and has another guy that works with him that he will issue a 1099. As of today he hasnt received personally the 1099's that he will be receiving from several customers.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
I am a sole proprietor of a contracting company. all my
I am a sole proprietor of a contracting company. all my contractors live in the state where i reside except for one but others work out of state. for the one contractor who lives in the state where he… read more
Barbara
Barbara
Enrolled Agent
4,758 satisfied customers
I have a business as a sole proprietor. I have an EIN that
I have a business as a sole proprietor. I have an EIN that has the business name and my name on it. I am keeping that business, but I am starting something new and completely different. I like having … read more
abci168
abci168
Principal
27 satisfied customers
As a sole proprietor, can I change my accounting method of
As a sole proprietor, can I change my accounting method of reporting travel expenses from mileage to actual? In previous years , I have used mileage but this year I have a lot of actual expenses to my… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Changing being taxed as an LLC sole proprietor to an LLC
changing being taxed as an LLC sole proprietor to an LLC taxed as an S-corp, do they need to file Form 8832 or Form 2553 or both?If both, in what order?THANKS… read more
abci168
abci168
Principal
27 satisfied customers
I changed the structure of my sole proprietor business to a
I changed the structure of my sole proprietor business to a single member LLC mid year. Do I need to give my independent contractors 2 different 1099's? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,362 satisfied customers
With the new tax laws, if I'm a sole proprietor, would it
With the new tax laws, if I'm a sole proprietor, would it make sense for me to become an LLC? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If you are a sole proprietor llc and contributing to a SEP
If you are a sole proprietor llc and contributing to a SEP should it be contributed from a personal account or business account? I would think personal since on your tax return it is deducted on the 1… read more
abci168
abci168
Principal
27 satisfied customers
If an owner took a draw from the business (sole proprietor
If an owner took a draw from the business (sole proprietor llc) and the business is showing a loss excluding that draw then I assume no income or self employment taxes will be paid since there is a lo… read more
Barbara
Barbara
Enrolled Agent
4,758 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x