501c3 Tax vs for profit

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

Info iconThis 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
Background 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

This note was uploaded on 10/05/2010 for the course ARTM 360 taught by Professor Wentworth during the Fall '09 term at CofC.

Ask a homework question - tutors are online