Formations of Nonforprofit -501c3
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GIVE CHARITY. YOU’LL DECREASE YOUR TAXES.
The federal government rewards citizens who are generous with their donations. For their efforts, they can enjoy the added benefit of paying less taxes. The benefits for a 501c3 are a no brainer.
- Tax deductible donations for the donor.
- Earn Income - Non for profits can pay salaries.
- Exemption from federal and/or state corporate income taxes on most income to the nonprofit.
- Higher thresholds before incurring federal and/or state unemployment tax liabilities
- Ability to apply for grants and other public or private allocations available under public legitimacy of IRS recognition.
- No member of the non-for profit is liable for any nonprofits debts.
- Donate stock- receive tax deduction for full market value plus potential decoction of over 20%and receive an instant tax deduction over 20%
- Perpetual existence. The corporation continues on after the death of the founder(s).
- Many media outlets often give free or discounted rates for announcements and press releases from nonprofit organizations