Homeschool support groups have been around a long time, but often are unaware of what their tax status is with the IRS.
In this episode of the Dollars and Sense Show podcast, Homeschool CPA, Carol Topp, explains that homeschool support groups can be classified as 501(c)(7) Social Clubs and have automatic tax exempt status.
But there is an annual reporting requirement to the IRS to maintain that tax-free status. Listen as Carol explains the details.
Carol’s book, The IRS and Your Homeschool Organization, discusses the advantages of tax exempt status for homeschool organizations.
Carol also mentioned her book, Money Management in a Homeschool Organization.
If you have questions about tax exempt status for your homeschool organization, please contact Carol. She’s happy to set up a phone consultation with you or your entire leadership team.