501c3 Tax vs for profit

501c3 Tax vs for profit - person or business owner e.g...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
The Many Advantages of 501c3 Tax-Exempt Status 1. Tax-deductibility of donations to the organization—you can give tax-deductible receipts for all cash and non-cash donations. 2. Lower nonprofit postage rates for mailing over 250 identical pieces of mail. 3. Public service announcements on radio and TV (free but limited availability). 4. Limited liability for directors and officers for operations of the organization. 5. Perpetual existence. The corporation continues on after the death of the founder(s). 6. Government and private grants are available for tax-exempt organizations. 7. Miscellaneous—employee fringe benefits not generally available to the self-employed
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: person or business owner, e.g., group life insurance, health insurance, payments of medical expenses and approved corporate pension and retirement plans. Some stores and businesses give a discount to nonprofit corporations and employees of nonprofits. Some publications give an advertising discount to nonprofit organizations. All Property owned by Not for Profit. 9. A nonprofit organization (even a church) needs 501 (c)(3) status to obtain food from a government food bank. 10. Once your organization secures tax-exempt status, it is permanent. You don't have to go back and renew it, ever....
View Full Document

  • Fall '09
  • Wentworth
  • Corporation, Non-profit organization, food bank, tax-exempt status, secures tax-exempt status, Lower nonprofit postage

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern