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Yolanda Financial Services LLC Tax Professional Tax Mentor Tax Software Provider

YOUR BUSINESS HAS LOST MONEY 3 YEARS IN A ROW, and now you’re wondering: how many losses will the IRS accept before call...
09/29/2026

YOUR BUSINESS HAS LOST MONEY 3 YEARS IN A ROW, and now you’re wondering: how many losses will the IRS accept before calling it a hobby?

PAY ATTENTION: Three consecutive losses do NOT automatically mean your activity is a hobby. The IRS looks at your profit motive and the complete facts and circumstances. No single factor controls.

The IRS may weigh:
• Your time and effort
• Your knowledge and expertise
• Your history of income and losses
• Whether you expect assets to appreciate
• Your prior success in similar activities
• Personal or recreational elements
• Whether you depend on the activity’s income
• Whether you operate in a businesslike manner and make changes to improve profitability

Generally, an activity that shows a profit in at least 3 of 5 years receives a presumption that it is operated for profit. But failing that test does not automatically make it a hobby, and meeting it is not the only consideration.

If the activity is treated as a hobby, related income still must be reported. Expenses may move to Schedule A and can be limited or disallowed, meaning they may not offset your other income like legitimate business deductions can.

CLEAR TAKEAWAY: A loss history is not the whole story. Your records, decisions, expertise, and consistent effort to make a profit matter.

FREE CONSULTATION: Let Yolanda Financial Services review your facts, books, and tax treatment. Visit yolandafinancialservices.net to get started.

DID A FOUNDER OR OFFICER USE THE NONPROFIT’S BANK ACCOUNT FOR PERSONAL PURCHASES, or mix personal and nonprofit expenses...
09/28/2026

DID A FOUNDER OR OFFICER USE THE NONPROFIT’S BANK ACCOUNT FOR PERSONAL PURCHASES, or mix personal and nonprofit expenses? PAY ATTENTION.

This is more than a bookkeeping issue. Personal use of nonprofit funds can create private benefit, private inurement, and an excess benefit transaction. It may also place the organization’s tax-exempt status at risk.

The disqualified person may face a 25% excise tax on the excess benefit, and that tax can increase to 200% if the transaction is not corrected. Board members who knowingly approve or participate may also create compliance concerns.

The board must address the problem, not quietly reclassify the charge:

• Require repayment or restitution to the nonprofit.
• Have disinterested directors review and approve the correction.
• Document the facts, discussion, decision, and follow-up in meeting minutes.
• Adopt and enforce a conflict-of-interest policy.
• Make required disclosures on Form 990 Part VI governance questions and Schedule L, when applicable.

This is a protective warning, not an accusation. Strong internal controls protect the organization, its mission, and its leadership.

ONE CLEAR TAKEAWAY: Nonprofit funds must be used for nonprofit purposes, with every exception properly reviewed and documented.

Need help reviewing nonprofit transactions or strengthening your compliance process? Schedule a FREE consultation with Yolanda Financial Services today.

Worried your nonprofit could miss a filing, lose its tax-exempt status, or miss out on grant opportunities? PAY ATTENTIO...
09/28/2026

Worried your nonprofit could miss a filing, lose its tax-exempt status, or miss out on grant opportunities? PAY ATTENTION!

Nonprofit Tax Talk LIVE is happening TONIGHT. Monday at 5:30 PM via Zoom or Facebook Live on Yolanda Meade’s personal page.

We’re covering:

Form 990, 990-EZ, 990-N, and 990-PF filing requirements
Filing deadlines and mandatory electronic filing
Why missing three consecutive filings can lead to automatic loss of tax-exempt status
Unrelated Business Income Tax (UBIT)
Grant readiness

And let’s be VERY clear: 501(c)(3) reinstatement is not simply paying a user fee. Getting tax-exempt status back requires significant work, including building and proving a case to the IRS.

The takeaway: Staying compliant protects your nonprofit’s status, credibility, and funding opportunities.

Join us tonight and bring your questions. Tune in via Zoom or watch LIVE on Yolanda Meade’s personal page.

The 990 Guru is ready to help you stay on track!

Did your business make money this year, but you’re not sure whether you paid enough taxes? PAY ATTENTION!Self-employed i...
09/28/2026

Did your business make money this year, but you’re not sure whether you paid enough taxes? PAY ATTENTION!

Self-employed individuals, freelancers, partners, S corporation shareholders, and anyone receiving income without enough withholding may need estimated tax payments. Generally, this applies when you expect to owe $1,000 or more after withholding and credits.

Estimated payments are generally due:
April 15
June 15
September 15
January 15 of the following year

That final Q4 payment for 2026 income is due January 15, 2027.

To help avoid an underpayment penalty, your total payments generally need to reach the smaller of:
• 90% of your current-year tax, or
• 100% of your prior-year tax, or 110% for certain higher-income taxpayers.

And let’s be clear: the underpayment penalty is NOT one flat fee. The IRS calculates it based on how much was underpaid, which installment was missed, and how long the amount remained unpaid. You can owe a penalty even if you receive a refund.

CLEAR TAKEAWAY: Review your year-to-date profit, withholding, prior-year tax, and estimated payments before January 15. Form 1040-ES and annualized income calculations may help, especially when income is uneven.

Need help figuring out what to pay? Schedule your FREE consultation with Yolanda Financial Services today. Let’s get your business tax plan on track!

BANK DEPOSITS HIGHER THAN THE GROSS RECEIPTS ON YOUR TAX RETURN?PAY ATTENTION, SMALL-BUSINESS OWNERS & SELF-EMPLOYED CLI...
09/26/2026

BANK DEPOSITS HIGHER THAN THE GROSS RECEIPTS ON YOUR TAX RETURN?

PAY ATTENTION, SMALL-BUSINESS OWNERS & SELF-EMPLOYED CLIENTS!

A mismatch between your bank deposits and reported income is one of the fastest ways to trigger an IRS notice, or even an exam.

The IRS can match information from Form 1099-K and other reported payments against the income reported on your tax return. If the numbers do not make sense, you may be asked to explain the difference.

This does NOT automatically mean every deposit is taxable income. Transfers between accounts, loans, owner contributions, refunds, and other non-income transactions may be included in your bank activity. But you need accurate records to prove what each deposit represents.

THE TAKEAWAY: Clean, reconciled bookkeeping protects your business owner peace of mind and helps support accurate tax reporting.

Before filing, make sure your books are reconciled, payment processor records are reviewed, and unusual deposits are properly documented.

Don’t wait for an IRS notice to discover the problem. DM Yolanda Financial Services to schedule a consultation and get your books on track.

PAID YOUR NONPROFIT’S WORKERS AS CONTRACTORS, BUT NEVER COLLECTED W-9s?PAY ATTENTION! That can create more than a paperw...
09/25/2026

PAID YOUR NONPROFIT’S WORKERS AS CONTRACTORS, BUT NEVER COLLECTED W-9s?

PAY ATTENTION! That can create more than a paperwork problem.

Generally, a nonprofit must issue Form 1099-NEC when it pays $600 or more for services to an individual or noncorporate contractor. Corporations are generally excluded, but exceptions apply.

The W-9 should be collected BEFORE payment, not after you realize you need a tax ID. Without a valid W-9, your nonprofit may face:

• Missing or incorrect information-return penalties, starting at $60 per form and reaching $310 for intentional disregard
• Backup withholding exposure, generally at 24%
• Incorrect 1099-NEC filings because the contractor’s legal name or TIN was never verified
• Worker-classification problems hidden behind the word “contractor”

A W-9 does NOT decide whether someone is truly an independent contractor. Your nonprofit must also review the actual working relationship, control, schedule, duties, and independence. If the worker should have been treated as an employee, payroll tax exposure may follow.

CLEAR TAKEAWAY: Collect a completed W-9 before the first payment, review worker classification, document your decision, and track payments throughout the year.

Nonprofit founders and board members, if your organization paid contractors without W-9s, schedule a FREE consultation with Yolanda Financial Services. Let’s identify the exposure and get your records on track the RIGHT way.

Showing up as my authentic self has been one of the biggest parts of my journey in business.The dress, the smile, the co...
09/25/2026

Showing up as my authentic self has been one of the biggest parts of my journey in business.

The dress, the smile, the confidence, the lessons: all of it represents the woman I am becoming and the woman I choose to be today. I don’t have to shrink, blend in, or wait for permission to take up space. Neither do you.

Clear takeaway: Your authenticity is not a distraction from your business. It is part of your strength.

What are you celebrating about yourself this week? Tell me in the comments so I can celebrate with you! 💛

Your nonprofit made money : does it owe income tax?PAY ATTENTION! Revenue does NOT automatically mean taxable income. Bu...
09/24/2026

Your nonprofit made money : does it owe income tax?

PAY ATTENTION! Revenue does NOT automatically mean taxable income. But an activity may create unrelated business income (UBI) when it is:

• A trade or business
• Regularly carried on
• NOT substantially related to the organization’s exempt purpose

When applicable, the nonprofit may have additional reporting and tax obligations, including Form 990-T.

The details matter. Before filing, review the activity, how often it occurs, related expenses, and its connection to your mission. Don’t assume every fundraiser, sale, rental, or service is treated the same way.

Need help analyzing UBI, preparing Form 990-T, or staying compliant? DM Yolanda Financial Services for nonprofit tax and compliance support.

Feeling like an important financial task keeps getting pushed to the bottom of your list?Midweek check-in: Which one nee...
09/24/2026

Feeling like an important financial task keeps getting pushed to the bottom of your list?

Midweek check-in: Which one needs your attention most right now?

• Bookkeeping
• Tax planning
• Organizing documents
• An IRS notice
• Nonprofit compliance

Reply with just ONE word in the comments. Your answer may help someone else realize they’re not the only one trying to get back on track.

Need help with yours? Schedule a free consultation with Yolanda Financial Services: www.yolandafinancialservices.net

S CORP OWNERS: ARE YOU TAKING DISTRIBUTIONS BUT NOT PAYING YOURSELF THROUGH PAYROLL?If you actively work in your S corpo...
09/23/2026

S CORP OWNERS: ARE YOU TAKING DISTRIBUTIONS BUT NOT PAYING YOURSELF THROUGH PAYROLL?

If you actively work in your S corporation, taking distributions instead of reasonable wages can create serious tax exposure. IT’S NOT a loophole.

The IRS may review your:

• Duties and responsibilities
• Time devoted to the business
• Experience and training
• Comparable pay for similar work
• Gross receipts and business practices
• Compensation paid to other employees

If your compensation is too low, or zero, the IRS may reclassify distributions as wages. That can lead to back payroll taxes, penalties, interest, and additional scrutiny.

The practical fix:

Run payroll.
Document your reasonable compensation analysis.
Revisit it EVERY year as your role, revenue, and business change.

One clear takeaway: If you work in your S corporation, your payroll strategy needs to reflect the value of the work you perform, not just the cash you choose to distribute.

Need help with S corporation payroll, bookkeeping, or tax planning? DM Yolanda Financial Services for a FREE consultation and let’s get your business set up the RIGHT way.

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Philadelphia, PA
19103

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