I've been trying to put together my tax reports for the fiscal year ending June 30, 2007. This is our first tax report since incorporating on August 9, 2006. It has been quite the challenge, to say the least.
There are a few major issues that I have not been able to figure out. The biggest issue is trying to find an accountant who will help me. All I need is a little bit of tax consulting, but no one seems to want to begin such a small accounting relationship, even though, if the school does become reality, it could be a big accounting relationship. The other issue is related to filling out the forms.
Even though we are incorporated as a nonprofit, we do not yet have federal tax exemption. Forms for this will be sent to the IRS after our first annual meeting in August or September. I guess this is unusual, as neither QuickBooks or my local bank know how to handle this situation. I find it strange that this is an issue, since in order to receive corporate tax exemption, you have to be incorporated first. Due to this situation, I don't know for sure which form to fill out. I've filled out the 1120, corporate tax return, assuming that will be correct.
The income portion of the form was simple. All zeros. However, there have been quite a few expenses, which have been funded personally by me. Thus, Golden Tree Academy is currently in debt to me. Since I have no income, I would like to carry these items, which would be deductions, over to the next year, but I can't figure out how to do so. Perhaps I just fill in zeros for deductions this year and carry them over to next year without making any type of notation for this on the tax form itself. However, it seems like the IRS would want this documentation before hand. What type of documentation would they want if I claimed it next year?
Anyway, that's it for my first post on this new blog. I'm hoping to develop the blog as a casual conversation piece about the development of Golden Tree Academy. However, there may be times that I go off on a tangent and write about completely unrelated issues. I may also write about some gifted & twice-exceptional issues from time to time.
Til next time,
Bryan
About Me
- Bryan Evans
- My ambition in life is to develop a school for twice-exceptional students. Why? Because most traditional schools have difficulty addressing the needs of these students. It's unfortunate, because these students are capable of so much, yet they are given the opportunity to achieve so little. My experience in teaching includes traditional classroom teaching, teaching at an independent day school for bright children, and at a boarding school. All these experiences have included working with bright, gifted, and twice-exceptional children.
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