What is a 501(c)(3) organization? by @R44D
Answer by Raad Ahmed:
A 501(c)(3) falls under the most common tax-exempt entity in the US. Essentially if a non-profit meets certain criteria then it is exempt from federal income taxes. Some states also offer tax exemption under this type of organization. There are 29 types of non-profits that can fall under this category. The most common includes:
- Testing for public safety
- Fostering amateur sports competition
- Preventing cruelty to children
- Preventing cruelty to animals
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