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 Exempt Purposes Internal Revenue Code Section 501c3 2022

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hey also today we're going to talk about what it means to be a 501 C 3 organization [Music] hey y'all this is Tiffany with boss my budget I help small and new nonprofits get up and running so I want to talk today about 501c3 what the heck does that mean so 501c3 is basically a tax status established by the IRS right so it's a part of their tax code and it represents nonprofit organizations that operate for a charitable purpose right so they're not there to make money and the members of the organization cannot individually benefit from the organization they have to be made for the public good when you get a 501 C 3 tax exemption that means that you don't have to pay tax on your income as an organization now in the beginning I struggled to understand what this meant because I was young didn't know about taxes but what that really means is all the revenue that you make in the year you don't have to report to the IRS so that they tax it you still have to report it but they don't tax you o

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