Whether you own a funeral home or another death care industry business, there are many expenses you encounter over the course of a month to keep your business going. One of the considerations that you might make during the purchasing process is whether or not items are tax deductible....
Technology and new concepts are constantly shaping the world around us, and it’s no different within the death care industry. Until now, when many of us thought about death we had two choices to decide between, burial and cremation. One of the new concepts being developed is terramation, or...
Many death care services businesses are looking to diversify their revenue streams in the wake of financial stress from the COVID-19 pandemic. One of the ways that some are branching out is by offering death care for pets. Pet owners today want to show their pet the respect they...
In less than a year, it feels like COVID-19 has touched every industry in a measurable way. One of the industries that has been most impacted is the death care industry. Funeral homes and other death care industry businesses have had profound changes occur amidst the pandemic, from adjusting...
Since 2017, the US death care industry has experienced a compound annual growth rate of over 4%. Experts expect this growth to continue and for the industry to generate up to $68 billion in revenue by 2023. Do you own a funeral home, cemetery, or other death care business?...
If you own a cemetery or mausoleum and offer perpetual care, it is wise to set aside perpetual care funds with a trustee. It ensures the cemetery’s long-term care and maintenance, giving you peace of mind in a competitive industry. Proper perpetual care fund management is critical for cemetery...
In Maryland, the Department of Labor, Licensing, and Regulation (DLLR) is responsible for regulating cemeteries and funeral homes. The Office of Cemetery Oversight within this department enforces all the relevant regulations, ensuring that consumers have sufficient protection when dealing with cemeteries and funeral homes. The Office of Cemetery Oversight’s...
In recent times, funeral homes are experiencing increased pressure from different angles. One of these is an increase in cremation rates, which drives down revenue. Another is an increase in e-commerce shopping, which also reduces profits. Lastly, funeral homes must comply with all government mandates and regulations, like the...
Non-profit cemeteries are those that are operative solely for the benefit of members and do not collect a profit. There are more benefits available to non-profit cemetery companies than just exemption from federal income tax under Section 501(c)(13) of the Internal Revenue Code. All potential benefits should be carefully...
As Benjamin Franklin’s famously noted, nothing in life is guaranteed except for death and taxes. While this is largely true, there is an IRS classification that allows certain cemetery businesses exemption from taxes. 501(c)(13) status is available to nonprofit mutual cemetery companies and nonprofit incorporated cemetery companies. The Internal...
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