Obtain 501(c)(3) Status for Your Non-profit Organization
If you have a non-profit organization then you can apply for obtaining 501(c)(3) status. A non-profit organization does not make profits. Thus, such organizations should be exempted from paying taxes. It is because non-profit organizations do not work for making profits instead these organizations regulate and serve for the welfare of society. Companies with 501c3 status get rid of the burden of paying taxes to the government. It helps such non-profit organizations to grow much faster. Don’t think that you can easily obtain the status of your non-profit organization. Applicants need to go through a specific procedure. There are legal accounting and technical hurdles that you need to overcome to start a 501c3 non-profit organization. Not every organization can apply for this status. Only non-profit organizations can get the advantage of not paying taxes. For that, the non-profit organizations must apply to the IRS for getting recognition for tax redemption. Therefore, research...