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Some businesses qualify for tax-exempt status at the federal level. — Getty Images/pcess609. For most entrepreneurs, taxes are a regular part of running a business. However, certain types of ...
Tax-exempt means not being required to pay taxes on certain types of income. Find out which type of income is considered tax-exempt.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
This limiting of the powers is crucial to obtaining tax exempt status with the IRS and then on the state level. [12] Organizations acquire 501(c)(3) tax exemption by filing IRS Form 1023. [13] As of 2006, the form must be accompanied by an $850 filing fee if the yearly gross receipts for the organization are expected to average $10,000 or more.
The income tax exemption for 501(c)(4) organizations applies to most of their operations, but income spent on political activities—generally the advocacy of a particular candidate in an election—is taxable. [43] An "action" organization generally qualifies as a 501(c)(4) organization. [44]
Continue reading → The post What It Means to Be Tax Exempt appeared first on SmartAsset Blog. Taxes are an unavoidable part of life for most people. You could, however, get out of paying income ...