Jessica Gonifas, CPA

As a co-host on the Intentional Conversations VodCast with Dr. Nika White, CDE®, IOM, we’ll dive into powerful strategies to help companies maximize their profits! We’ll explore how psychology plays a key role in achieving profit goals, along with tax strategies used by high-net-worth entrepreneurs—strategies that can work for everyone. Don’t miss out on this insightful discussion! https://lnkd.in/gNMebZ2A #podcast #profitfirst #ceo #smallbusiness #entrepreneurship

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💡 Tax Tip of the Day: Net your capital gains with capital losses to reduce your taxable income! 📉📈 #TaxTip #CapitalGains #CapitalLosses #TaxStrategy #AccountingLife

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Allocating and reporting grant expenses on Form 990 is an important process for nonprofits to ensure accurate financial disclosure and compliance with IRS regulations. Here’s how to do it: 1. Identify Grant Expenses: Start by identifying all expenses related to each grant. 2. Allocate Expenses: Allocate costs between program, management, and fundraising categories based on their direct association with the grant activities. 3. Record Expenses: Record each grant's expenses accurately in your accounting system. 4. Prepare Schedule of Grants: On Form 990, report grant-related information on Schedule A (Public Charity Status and Public Support) and Schedule F (Statement of Activities Outside the U.S.) if applicable. 5. Report Financials: Include the allocated grant expenses in the functional expense section of Form 990, separating them into program services, management and general, and fundraising categories. 6. Maintain Documentation: Keep detailed records of all grant agreements, expenditure documents, allocation methods, and relevant communications. 7. Review and Compliance: Before submitting, review the grant expenses reported on Form 990 to ensure they match your internal records and comply with both the grant agreements and IRS requirements. By following these steps, a nonprofit can effectively allocate and report grant expenses on Form 990, showcasing transparency and accountability in its financial practices. #form990essentials #nonprofittransparency #irscompliance #nonprofitfinances #charityaccountability #financialtransparency #nonprofiteducation #990filing #nonprofitguidance #taxexempttips #cnrgaccountingadvisory

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Did You Miss the April 15th Tax Deadline? THIS IS NOT A TRAINING SESSION!!! This webinar is for INFORMATION ONLY!!! Join me for a Tax Webinar on Thursday, August 22nd, 2024, at 7 pm CST. If you missed the April 15th tax deadline, this webinar is designed specifically for you. While this is not a training session, it will provide crucial information to help you navigate your tax situation. Remember, this session is purely informational, offering you guidance and clarity to take the right steps.

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Our next Basic Income Tax course begins in September, giving you another chance to get ahead before tax season. 🤩🤩🤩 We’ll walk you through the essentials, from understanding tax forms to maximizing deductions, so you can file with confidence.✅ Don’t miss out—reserve your spot today and join us in September to take control of your taxes and your financial future! #TaxPreparation #FinancialSuccess

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⏳ Today is the 𝗟𝗔𝗦𝗧 𝗱𝗮𝘆 𝘁𝗼 𝗳𝗶𝗹𝗲 𝘆𝗼𝘂𝗿 𝟵𝟵𝟶 𝗲𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻! Don't miss this deadline – make sure your nonprofit stays compliant and avoids penalties. Need help navigating the extension process? Reach out to us at bit.ly/sasTaxPrepDeposit and we'll guide you through it! 💼📝 #990ExtensionDeadline #StayCompliant #NonprofitSupport

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What's one tax-saving strategy you've implemented that had a significant impact on your business? 💡💰 Share your insights and let’s help each other find new ways to maximize savings and boost profitability! 🌟 Comment below or message me to join the conversation and discover more tips! #aba #appliedbehavioranalysis #abatherapy #abainbusiness #abaconsulting #businessblueprint #businessgrowth #entrepreneurship #cfo #accounting #tax

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