Do you know the difference between nonprofit and tax exempt status?
The difference can be confusing, so HomeschoolCPA, Carol Topp, explains the difference in plain English and gives a real life example in today’s podcast episode.
Visit Carol’s website here!
FEATURED PRODUCT from HomeschoolCPA:
The IRS and Your Homeschool Organization
Does your homeschool group need to pay taxes? Could they avoid paying taxes by being a 501c3 tax exempt organization? Do you know the pros and cons of 501c3 status? Do you know what 501c3 status could mean for your homeschool group? I have the answers for you in my book The IRS and Your Homeschool Organization. The information in this book has been helpful to homeschool support groups, co-ops, music and sports groups and will help you to understand:
- The benefits of 501c3 status
- The disadvantages too!
- What it takes to make the IRS happy
- What your state requires
- Why your organization should consider becoming a nonprofit corporation
- What is the difference between nonprofit incorporation and tax exemption
- IRS requirements after you are tax exempt
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