There are over 1.5 million tax-exempt, nonprofit organizations in the United States, according to recent data from National Center for Charitable Statistics. Nonprofits can be anything from a local church group to a major opera house in a large metropolitan area.
Under 501 (c)(3), your organization can enjoy several benefits. These include being exempt from federal income taxes, tax-exempt financing, low-cost postal rates, possible exemption from local taxes such as state and sales tax, and even the perk of tax-deductible contributions.
Release Time: 2020-03-23 08:42:53
Once your charity gains tax-exempt status, you'll still have tax filing requirements you must comply with in order to maintain 501(c)(3) status.