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Form Instructions 1023-EZ online Topeka Kansas: What You Should Know
Form 990-N for a period ending December 31st of each calendar year.  The form is due by the end of February. For More Information For more information about the IRS Streamlined applications, see. The IRS has more information for nonprofit organizations on its website. Organization Structure for Taxes Withholding In order to comply with tax laws, some organizations incorporate to minimize their tax liabilities. However, other organizations, including those with a lot of financial resources, incorporate for a variety of reasons. You will need to evaluate the benefits and drawbacks of an incorporation option for your organization. For Tax Year Ending 2024 the following organizations qualify for a 1023-EZ form and Form 990. What is Your Income and Tax Status? Are you a 501(c)(3) Tax-Exempt Organization? Organizations with gross and unadjusted tax income over 50,000 per year are tax-exempt under section 501(c)(3). Organizations with gross income less than or equal to 50,000 per year have to file an annual federal tax return that is due by the end of March. You must use Form 2553 or Form 706 to report your income. However, you don't need to file an income tax return for each tax year that your organization operates. Instead, file a separate Form 1023-EZ for each tax year. The purpose of the Form 1023-EZ is for individuals filing tax returns based on income tax returns that are based on tax returns filed from the same tax year. If you are using Form 1023-EZ to elect to be exempt from tax under Section 501(c)(3), you do not have to file an annual return. What is Your Net Income and Payroll Expense Number? Organizations with net income no more than 50,000 per year, or a payroll expense of 5,000 annually, do not need Form 1023-EZ to report a gross net income, but will use the following Form 2553 to report their net income. For tax year ending 2017, these organizations are tax-exempt through § 501(c)(3) of the Internal Revenue Code.
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