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2014 commenting on Calendar year 2013
This is your treasurer notconfusing speaking. I'm a tax amateur, and you can too. On Apr 9th 2014, I went the Sustainable economies law center legal cafe to get some advice about how sudo should handle taxes. Here's what I learned:
- Tax day for corporations is the same as for people - April 15th.
- Every year we must file something. Even if you become a federal nonprofit, which we aren't yet, you have to tell the government that you don't owe anything. The basic things we need to file are:
- State Taxes: Form 199, probably 199N
- Federales Taxes: Form 990 Likely 990-EZ.
- You file 990-EZ as if you are a 501c3 even though we are not a 501c3, because we intend to be a 501c3 (that's the rules).
- Those forms are actually not due until May 15th.
- I will file these soon.
- Update: State taxes done - see Media:2013 sudo 199n confirmation.png
- Update: Federal taxes need to be mailed Media:Sudo_tax_federal_990.pdf
- Our California EIN "Entity ID number" not federal EIN "Employer ID number" is 3617428.
- 2013 was the year we switched from being "Eddan Katz" dba (doing business as) Sudo Room, to Sudo Room, the California non-profit public benefit corporation.
- Eddan is not claiming the income that was receieved, and it was all transfered to the new corporation.
- So the corporation will pay tax on it.
- Since we are not 501c3 yet the money "donated" to sudo room are not actually donations, i.e. not tax deductible.
- Corporations like us get 27 months after incorporation to file for 501c3. That puts our date at January 2016.
- The sudo EIN is 46-4109670
This is a visualization of 2013 finances. When debit exceeds credit we had a negative month. 'netcum' is net cummulative money aka total cash in da bank. So if debit exceeds netcum, then our month costed more than we have in the bank.