By Connie Murray
The Small Business Attorney
There are thousands of people in the United States who choose to break away from mainstream life to live, work and worship with a small group of religiously likeminded individuals. And you know what, some of them are taking advantage of federal tax exemption status while doing so.
Most people associate nonprofit with the IRS 501(3)(c) exemption status. The 501(3)(c) provides a tax exemptions for corporations whose purpose is charitable, religious, educational, scientific, literary, testing for public safety, fostering amateur sports competition, or preventing cruelty to children or animals. This status has access to grant money, income and property tax exemptions and provides tax deductions to those who donate to the nonprofit organization. The most important feature of this structure is that the profits are not distributed among its owners but are used to further the charitable purpose it is created. Although this tax exemption status is the most recognizable, there is almost thirty other tax exemption statuses available each with its own eligibility requirements.
The 501(d) status provides tax exemptions for religious and apostolic communities that share a common treasury. READ MORE
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