Tax-Exempt Status 501

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Tax-Exempt Status 501(c)3

After you incorporate your company as a Non-Profit, it is always good to make the received donations and grants tax deductible. The 501(c)3 application is the most critical step for getting a charitable tax-exempt status for your Nonprofit Organization. The application is filed with the IRS. A Non-Profit with tax-exempt status also receives discounts on local postage rates.

On an estimate, it takes an average person more than 12 hours to understand and complete the tax-exempt form 1023 for 501(c)3 application due to its complexities. FastIncNow helps you file for a tax-exempt status for your Non Profit organization by preparing all the necessary schedules.

Frequently asked questions:

Why should I choose FastIncNow for my application of 501(c)3?

For obtaining a 501(c)3 application, FastIncNow’s services include:

  • Fast, Accurate processing
  • Approval or money back
  • Reasonable price
  • Unlimited Support through Phone, Email or Chat
  • 24/7 Document Access (Official PDFs)

What documents do I need to apply for 501(c)3?

You need to attach a copy of your Articles of Incorporation and bylaws with the application form. Even if you don’t have employees in your organization, your Nonprofit Corporation must have an EIN before applying for a 501(c)3 tax exemption. If you have an EIN before incorporating your Nonprofit, you will need to obtain a new one. We can incorporate your Non-Profit as well as obtain a new EIN for you.

What are the required provisions in your article of Incorporation to get 501(c)3 status?

The two most indispensable clauses in getting a tax-exempt status of 501(c)3 are:

  • Your corporation comes under the purview of a recognized 501(c)(3) tax-exempt purpose (which includes charitable, religious, scientific, educational or literary purpose).
  • If the nonprofit organization dissolves, its assets will transfer to a tax-exempt 501(c)3 Nonprofit organization—or to a federal, state or local government for public use.

What does it mean to be a 501(c)3 organization? Are there any benefits?

A 501(c)3 organization is a trust or corporation that gets a tax-exempt status from the IRS. Thus, your Non-Profit company doesn’t have to pay any Federal Income Tax. All the donations and grants that your Non-profit receives will be tax-deductible. Additionally, you get a discount on local postage rates and stamp duties.

Is Non profit with a 501(c)3 status exempt from all taxes?

When a non-profit gets a 501(c)3 tax-exemption, the employees are not entitled to pay any federal income tax. Furthermore, all grants and donations that a Non-Profit receives are tax-deductible. A 501(c)3 organization may also get an exemption from local or state corporate income tax.

Does 501(c)3 and tax exempt mean the same thing?

Apparently, No! These words often appear interchangeably. However, they convey different meanings. 501(c)3 status means that your Non-profit gets ‘tax-exempt’ by the IRS through the virtue of its programs meant for benefitting the public. On the other hand, tax-exempt means getting exempted from taxes in any organization, not exclusive for 501(c)3 organizations.

What form do you require to get a 501(c)3 status?

You need to file the IRS form 1023  to get a 501(c)3 status for your Non-profit. FastIncNow can prepare a short form for getting a 501(c)3 status for your Non-Profit Corporation.

Is it possible to file 1023 before incorporating my non profit?

Yes, you can apply for Form 1023 before incorporation, but it is not advisable. The  IRS allows unincorporated companies to get a tax-exempt status. However, these associations will not let you get the benefits of a  corporation framework. Moreover, IRS will subject those organizations to fulfill some corporation requirements.

With whom is the Form 1023 filed?

You file Form 1023 with the Internal Revenue Service(IRS), which is a Federal authority.

How long does it take to fill form 1023?

Legal experts say that it takes an average person more than 12 hours to understand and complete the tax-exempt form 1023 for 501(c)3 application due to its complexities.

Tax-Exempt Status 501(c)3


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