To be a 501(c)3 or not to be - - that is the question. Should you seek exempt status from the IRS or not? You have probably heard the term but do you really know what it is and should you apply for the status?

One of the primary benefits of being considered exempt is the ability to accept donations/contributions that can be considered tax-deductible to the donor. Additional benefits include, but are not limited to:

Exemption from federal and/or state corporate income taxes
Exemption from state sales and property taxes (varies by state)
Ability to apply for grants and other public or private allocations available only to IRS-recognized, 501(c)(3) organizations
Discounts on US Postal bulk-mail rates

The IRS Form 1023 looks intimidating but it's not. Visit the message board to post your questions about the application.

Visit this link for additional information: http://www.irs.gov/charities/index.html

Additional Information

Visit the IRS site for more information.
Tax Exempt Toll Free Number: (877) 829-5500