“Nonprofit” and “not-for-profit” usually mean the same thing, and neither label decides your taxes. See how for-profits, nonprofits, and tax-exempt organizations differ on federal income tax, donor deductions, and annual returns, and find out which IRS application fits the organization you’re forming.
Most tax-exempt organizations never pay federal tax on the money their investments earn. Private foundations are the exception. Every year, a private foundation calculates and pays an excise tax on...
Covered by a central organization’s group exemption? Learn how your group exemption number connects to Form 990 and which annual return your subordinate files.
Tax990’s new 990-N Full Service lets you file your Form 990-N with one phone call. Our experts prepare it, review it with you and transmit it to the IRS.
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Beginning January 1, 2027, donors can claim a federal tax credit of up to $1,700 for gifts to scholarship granting organizations. Only 501(c)(3) public charities qualify. Learn how Form 990 Schedule A shows the IRS your public charity status, and what to review before the credit takes effect.