Many nonprofit corporations make the decision to become a 501(c)3 organization. In order to become a 501(c)3 organization, you must apply for tax exempt status from the Internal Revenue Service (IRS). In order to qualify, your company must have been created for charitable purposes. The IRS defines this as companies that serve a religious, scientific, educational or literary purpose. In addition, companies that test for public safety, foster national or international amateur sports or prevent cruelty to animals or children may also qualify. Receiving 501(c)3 status can offer your nonprofit company many benefits including:
- The ability for donors to receive tax deductions for charitable contributions.
- The opportunity to receive private and public grant money.
- Qualification for lower postage rates on corporate mailings.
Let Necessaria Marketing help walk you through the complicated steps of becoming a 501(c)3 corporation.
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