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Related Sources for 501(c)(3) OrganizationsHelp Filling Out the 501(c)(3) ApplicationHow the IRS Classifies Nonprofit OrganizationsHow To Start a Nonprofit Organization - a Check List "501(c)(3) Corporation"Definition: The most common type of nonprofit organization, this IRS category covers a lot of ground. A 501(c)(3) nonprofit is exempt from federal income tax if it has these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fosters amateur sports competition, prevents cruelty to children or animals. Examples of qualifying organizations include old-age homes, parent-teacher associations, charitable hospitals, alumni associations, schools, chapters of the Red Cross or Salvation Army, Boys' or Girl's clubs, and churches. 501(c)(3) organizations may receive grants from foundations; and donations to them are tax-deductible for the donors. IRS publication 557 contains information on qualifying for and applying for 501(c)(3) status. Examples: The organization is a 501(c)(3)corporation and is exempt from federal and state taxes. Related Sources for 501(c)(3) OrganizationsHelp Filling Out the 501(c)(3) ApplicationHow the IRS Classifies Nonprofit OrganizationsHow To Start a Nonprofit Organization - a Check List |
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