With the increase of the standard deduction in 2018 many taxpayers no longer itemized since they no longer met the threshold. Statistics show that individual charitable giving fell 3.5% adjusted for inflation in 2018 – cutting revenue to nonprofits. Not so for 2020.
The workforce is tight and finding qualified workers is hard. To supplement your workforce, you may need to hire foreign workers/contractors. North Carolina has special regulations when hiring a foreign contractor. Special considerations with foreign contractors, as with all contractors you must get a W-9. Make sure the person filling it out checks the appropriate box as to type of entity.
Businesses in their first year of operation often have a loss. They are trying to build a customer base and establish themselves as a legitimate business. This can be expensive and the tax law limits how much of these “one time, first year expenses” a business can deduct. Startup costs include advertising, marketing, training and office expenses incurred before you open your business.