General
How Do You Qualify for 501c3 Status?
How Do You Qualify for 501c3 Status? Whether you’re passionate about environmental conservation, social justice, education, or any other cause, it can be hard to know if your nonprofit organization can qualify for 501c3 status. This is the most common type of nonprofit designation by the Internal Revenue Service (IRS) and is only extended to…
Read MoreThe 3 Types of Financial Statements
The 3 Types of Financial Statements There are three primary types of financial statements: an income statement, a balance sheet, and a statement of cash flows. Each of these statements is incredibly important to have for your nonprofit and can benefit your organization. Here is a brief overview of the three types of financial statements.…
Read More2 Ways to Avoid IRS Trouble with Your Nonprofit
2 Ways to Avoid IRS Trouble with Your Nonprofit Like most regulatory agencies, the IRS has priorities when it comes to evaluating your nonprofit’s Application for Tax-Exempt Status. There are two main concerns of the IRS when it comes to evaluating Tax-Exempt Status. These involve avoiding conflicts of interest and avoiding nonprofits that only benefit the directors…
Read MoreHow to Avoid Paying Personal Taxes on Your Nonprofit’s Donations
How to Avoid Paying Personal Taxes on Your Nonprofit’s Donations An important benefit of having a properly structured nonprofit is that you will be able to get tax-deductible donations. Even if you are planning on funding your nonprofit yourself, this is still a good feature to have. Doing this will help you avoid paying personal…
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