What is the name of your state (only U.S. law)? Nebraska
..for my charitable cook team? I have a competition cook team. We have been doing ok as far as contests go. However, we have a small problem. We have started to win. (I know, tough problem to have.)
The winnings have been split up between tithing to our church, giving half of the remainder to our churches small groups fund, then using the balance to further our ventures on the circuit. We also use the funds to cook for other non-profits orgs, to help with fundraisers and the like.
Not a single team member has profited from winnings.
I am worried about my tax bill at the end of the year showing that I "made" money doing bbq. Most winners are 1099'd at the end of the year.
Is this worth me pursuing for non-profit tax exempt?
Your expertise is appreciated. Thank You.
..for my charitable cook team? I have a competition cook team. We have been doing ok as far as contests go. However, we have a small problem. We have started to win. (I know, tough problem to have.)
The winnings have been split up between tithing to our church, giving half of the remainder to our churches small groups fund, then using the balance to further our ventures on the circuit. We also use the funds to cook for other non-profits orgs, to help with fundraisers and the like.
Not a single team member has profited from winnings.
I am worried about my tax bill at the end of the year showing that I "made" money doing bbq. Most winners are 1099'd at the end of the year.
Is this worth me pursuing for non-profit tax exempt?
Your expertise is appreciated. Thank You.