GoFundMe is an online platform that lets anyone set up a website to raise money to pay for a family member’s cancer treatments, college tuition payments, a new church building — almost anything you can imagine. Anyone who donates through the platform can obtain an official-looking receipt that can be used for tax purposes. But […]
Tag: 501(c)(3) organizations
What to Know About Taxes and Nonprofits
Making money for stakeholders is the primary goal of for-profit businesses. Nonprofits are different: their primary goal is benefiting their cause. To qualify as a nonprofit, the entity must serve the public good in some way. No individual or shareholder may profit from the organization, although nonprofits may pay reasonable salaries as well as expenses […]
How to Organize a Nonprofit: The 501(c)(3) and More
Most of the estimated 1.5 million nonprofit organizations in the United States are 501(c)(3) organizations, but there are many other categories of nonprofits. The nonprofit’s membership, mission and structure dictate which category is most appropriate for your nonprofit. Many nonprofits fall under 501(c)(3) for a good reason —the category includes entities that are organized and […]