What is a 501(c)(3) nonprofit?

A 501 (c) (3) nonprofit is an organization that has applied and been approved for IRS recognition as a tax-exempt organization. Nonprofits rely on their 501 (c) (3) status to solicit grants, donations and other funds. Nonprofit status helps organizations raise money because donors may be able to deduct contributions on their own taxes.

How do I get a 501(c)(3) exemption?

To apply for recognition by the IRS of exempt status under IRC Section 501 (c) (3), you must use either Form 1023 or Form 1023-EZ. All organizations seeking exemption under IRC Section 501 (c) (3) can use Form 1023, but certain small organizations can apply using the shorter Form 1023-EZ.

Is a 501(c)(3) a tax deductible organization?

501 (c) (3) is just one category of 501 (c) organizations, but it is the primary nonprofit status through which donations made to the organization are tax-deductible. 501 (c) (3) status is regulated and administered by the US Department of Treasury through the Internal Revenue Service. What are the requirements to be a 501 (c) (3)?