After filing Form 1024 an organization may receive tax exempt status which allows it to be exempt from federal income taxes on profits generated. It does not mean that it is allowed to receive tax deductible gifts from the public. Examples of tax exempt orgainizations include sports clubs, social clubs, homeowner associations etc.
I have had many clients come to me to ask how they could start a non-profit organization. The main purpose of starting a nonprofit is to gain the contribution advantage the Internal Revenue Service (IRS) […]