Do you have to collect sales tax at your benefit auction? Should guests be paying sales tax on auction items? The answer depends upon your state and municipal rules. If your fundraiser is in Maryland, you must charge sales tax. If you're living in an area that requires tax collection, I suggest putting a written notice in your catalog or program. Most often this type of information is listed as one of the points in the "Rules of the Auction" section. Some groups will also have the notice
Committees often debate as to whether it's a good idea to reveal the auction item values in a catalog. Some people fear it might suppress bidding. In this video, learn what I've been taught is the correct approach. Watch the video below.
Tax season is upon us. I just saw a television ad from a tax preparation company.They confidently stated their tax professionals would be able to find deductions overlooked by your previous tax preparer.Sounds familiar, doesn't it?If you’ve ever talked with more than one tax expert, you probably noticed that each one has a different interpretation of what you can and cannot do, legally. Sometimes what is legal in tax law seems to depend on who you talk to.I share this because as
If you're writing and mailing a silent auction donation letter, you'll want to include your charity's 501(c)(3) number (also called a Tax ID number) on the letters and/or forms. It will speed up the donation process. Some volunteers aren't sure what their charity's number is. In this video, you'll be shown how to look it up on an internet-based database. Watch the video below.P.S. For other helpful auction-related information covering a wide range of topics, enjoy this free
This question surfaces once or twice a year. Volunteers working on school auctions seem to ask me the most often. A parent tasked with getting donations for the school gala becomes concerned about whether she should be including the school's PTA tax ID number on the school auction donation letter and other relevant forms. It's easy to understand her concern. We've been warned about putting our birth date on Facebook and cautioned against using our social security number as a computer