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Five Below, Inc. is an American chain of specialty discount stores that prices most of its products at $5 or less, plus a smaller assortment of products priced up to $25. [5] Founded in 2002 by Tom Vellios and David Schlessinger and headquartered in Philadelphia , Pennsylvania, the chain is aimed at tweens and teens. [ 3 ]
Tax collection is a necessary part of funding various government programs and services, but there are legal ways to avoid it. Some types of businesses and other organizations are tax-exempt, for...
Below, we’ll break down what it means to be tax-exempt and how you can apply. What is a tax-exempt organization? A tax-exempt organization is a business entity that does not have to pay federal ...
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.
An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows:
At Dollar Tree, most items are $1.25, while most items at Five Below range in price from $1-$5.55. Even though Five Below is more geared toward families or younger shoppers, such as pre-teens and ...
Tax exemption does not excuse an organization from maintaining proper records and filing any required annual or special-purpose tax returns, e.g., 26 U.S.C. § 6033 and 26 U.S.C. § 6050L. Prior to 2008, an annual return was not generally required from an exempt organization accruing less than $25,000 in gross income yearly. [ 11 ]
Many people think of Five Below as a store that primarily targets teens and tweens. With fun room decor, inexpensive games and toys, and cool tech at low prices -- not to mention that freeze-dried...