baker
06-12-2012, 04:42 AM
hello guys. Ive been reading all night trying to make the best decision on my business plan. There is a lot of info out there. I hope you can give me some advice and I can do more research.
Here is my business plan: I want to create an organization to send soldiers in Afghanistan care packages and homemade items (pendants and necklaces) from bronze, and leather gun slings. I make these in my shop to pass the time.
I am disabled by the VA so I can't make any income because I could lose my compensaiton. I have a bad brain injury, sometimes forget things and black out, and am in a wheel chair.
I dont want to make any money for myself at all, I just want to put a donate button on my website to cover the cost of the materials it takes to run the business and ongoing postage to afghan which wont be cheap. I have already paid to have the website created. I want to put up a donate button through paypal but i read to donate you need to be a non profit and 3 people ( a board of trustee), and people need to be able to deduct contributions. I also read if you quit, you may ahve to pass the business to someone else. I might be hospitalized at anytime. I did not know I had to go though all this trouble just for a donation button and since I cant file any money on my income taxes, I was thinking about this instead.
Is it illegal to run my organization as for-profit orginization, My wife would own it and it goes on her w2 form, maybe a llc or sole propitership but instead of a donation button, explain on the website why I cant put one up there due to he rules of non profit but still offer to sell people my homemade necklaces for any price they choose to pay. It's kind of the sane as a donation. Is that legal? I believe I read as long as I dont sell over 200 transactions I dont need to fill out that new "k" something form they created. Do I only pay a lot of taxes this way as well. My wife is good with quickbooks but most of the recipts so faR are in my name. We are 1500 in the hole so far buying the materials.
Am I totally lost here. Any suggestions beside go see a lawyer? This business means a lot to me to help change some lives. I know im not as smart as you guys but any help or ideas?
Here is my business plan: I want to create an organization to send soldiers in Afghanistan care packages and homemade items (pendants and necklaces) from bronze, and leather gun slings. I make these in my shop to pass the time.
I am disabled by the VA so I can't make any income because I could lose my compensaiton. I have a bad brain injury, sometimes forget things and black out, and am in a wheel chair.
I dont want to make any money for myself at all, I just want to put a donate button on my website to cover the cost of the materials it takes to run the business and ongoing postage to afghan which wont be cheap. I have already paid to have the website created. I want to put up a donate button through paypal but i read to donate you need to be a non profit and 3 people ( a board of trustee), and people need to be able to deduct contributions. I also read if you quit, you may ahve to pass the business to someone else. I might be hospitalized at anytime. I did not know I had to go though all this trouble just for a donation button and since I cant file any money on my income taxes, I was thinking about this instead.
Is it illegal to run my organization as for-profit orginization, My wife would own it and it goes on her w2 form, maybe a llc or sole propitership but instead of a donation button, explain on the website why I cant put one up there due to he rules of non profit but still offer to sell people my homemade necklaces for any price they choose to pay. It's kind of the sane as a donation. Is that legal? I believe I read as long as I dont sell over 200 transactions I dont need to fill out that new "k" something form they created. Do I only pay a lot of taxes this way as well. My wife is good with quickbooks but most of the recipts so faR are in my name. We are 1500 in the hole so far buying the materials.
Am I totally lost here. Any suggestions beside go see a lawyer? This business means a lot to me to help change some lives. I know im not as smart as you guys but any help or ideas?