Q: Oregon Elks Lodge, contacted by telecom company, offer is 300k lump sum, Elks concerned about paying taxes on this.
Oregon Elks Lodge, contacted by telecom company, offer is 300k lump sum, Elks concerned about paying taxes on this income as it would be other business income "or whatever the term is." We are a non profit, not sure how a one time payment would implicate taxes due. If the income is taxable, can we spend the money in a certain way that year to avoid paying taxes on it? For example purchasing new heating and cooling units, building improvements, donating the funds to charity? Can we save some of it in our savings accounts? Short and dirty of it, how to we collect this payment and not get screwed by taxes losing 1/2 of it.
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