What accounting services does AccountingBrains provide for non-profits?

AccountingBrains provides comprehensive accounting services for US-based non-profits including Form 990 preparation and filing, grant accounting and management, non-profit bookkeeping, financial statement preparation, audit support, board financial reporting, and compliance services. Our US-licensed CPAs deliver expert services through our Global Capability Center.

Does AccountingBrains handle Form 990 preparation for 501(c)(3) organizations?

Yes, AccountingBrains specializes in Form 990 preparation and e-filing for all types of 501(c)(3) organizations, including Form 990, 990-EZ, 990-PF for private foundations, and 990-N for small organizations. Our CPAs ensure accuracy and compliance with IRS requirements.

How does AccountingBrains deliver cost-effective services to US non-profits?

AccountingBrains combines US-licensed CPA expertise with our Global Capability Center in India to deliver high-quality accounting services at competitive rates. This model allows non-profits to access expert CPA services while maximizing their program spending.

Top 10 Tax Deductions Every Small Business Owner Should Know

As a small business owner, understanding which expenses you can deduct is crucial for minimizing your tax liability. Many entrepreneurs leave money on the table by overlooking these valuable deductions.

1. Home Office Deduction

If you use part of your home exclusively for business, you may be eligible for the home office deduction. This can include a portion of your rent/mortgage, utilities, insurance, and maintenance costs.

Pro tip: Keep detailed records of your home's square footage and the space used for business to calculate this deduction accurately.

2. Vehicle Expenses

Whether you use your vehicle exclusively for business or split usage between personal and business, you can deduct vehicle-related expenses. You have two options:

Standard mileage rate: $0.67 per mile (2024 rate)
Actual expenses: Gas, insurance, repairs, depreciation

3. Business Meals

You can deduct 50% of business meal costs when you're discussing business with clients, partners, or employees. Keep detailed records including:

Date and location
Business purpose
Attendees' names

4. Professional Development

Courses, conferences, books, and subscriptions that help you maintain or improve skills related to your business are fully deductible.

5. Software and Subscriptions

All business-related software subscriptions are deductible, including:

Accounting software
Project management tools
Design software
CRM systems
Cloud storage

6. Office Supplies and Equipment

Everything from pens and paper to computers and printers can be deducted. Equipment over a certain threshold may need to be depreciated over time.

7. Business Insurance

Premiums for business insurance policies are fully deductible:

General liability insurance
Professional liability (E&O)
Workers' compensation
Business property insurance

8. Retirement Contributions

Contributions to SEP-IRAs, SIMPLE IRAs, or solo 401(k)s are tax-deductible and help you save for the future while reducing current tax liability.

9. Legal and Professional Fees

Fees paid to accountants, lawyers, consultants, and other professionals for business services are fully deductible.

10. Marketing and Advertising

All costs associated with promoting your business are deductible:

Website development and hosting
Social media advertising
Print materials (business cards, brochures)
Sponsorships
Content marketing

Keep Good Records

The key to maximizing these deductions is maintaining organized records throughout the year. Use accounting software to track expenses in real-time and save all receipts.

Need Help?

Tax laws change frequently, and what's deductible can vary based on your business structure and industry. Working with a qualified CPA ensures you're taking advantage of all available deductions while staying compliant with IRS regulations.

Ready to optimize your tax strategy? Schedule a consultation with our CPA team today.

Disclaimer: This article provides general information only. Tax laws change frequently, and individual situations vary. Consult with a qualified CPA for personalized advice.