It starts off as a few friends gathering once a week or once a month to discuss books, share tips on car maintenance, or sample each other’s recipes. Friends invite friends and family members, the neighbors get curious and eventually your small gathering becomes a bona fide club — and a club needs funds to get anything done. If you’re in charge of handling an informal club’s finances, don’t handle it all on your own.
Get on Top of Taxes
Does your club have to file taxes? Research which tax consulting services Honolulu individuals and businesses rely on, and make an appointment with a certified public accountant. Depending on the size, nature, and revenue of the club, you may not have to file, but it’s better to speak with a CPA to be sure, as you don’t want to be audited and fined by the IRS because you failed to file taxes on the money you collected and revenue you earned from sales, performances, and other events.
With tax return season coming to a close, make sure you get your return filed as soon as possible before the April 18th deadline. Visit Yuda.com today for tax consulting services in Honolulu, Hawaii. With over 40 years in business, you can trust Michael J. Yuda, CPA, LLC for all personalized and professional accounting needs.