Music, thank you so much for watching my videos. Now, this is part 2 of how I started my nonprofit, and I want to share some tips and suggestions on how you can streamline and make the process easier. When I started my nonprofit, I made a lot of mistakes. But if I can help prevent you from making the same mistakes, then I feel like I'm helping you. In the first half of the video, which will be posted in the description and at the end of this video, I discussed the first ten steps you need to take to get your 501(c)(3) tax-exempt status and your tax ID number. So, let's say you've got that and congratulations on getting it! Now, let's talk about what you should do next. The real work begins once you have your 501(c)(3) status. When I got mine, I didn't simultaneously apply for my state licensing, but that should be your next step. Apply for your state tax exemption using the same number as your federal tax exemption. In my state, it was a simple one-page form that I filled out online. I think it cost around $145, but I'm not entirely sure. Provide a copy of your federal tax ID exemption when you apply, and you'll get your state tax exemption. This is important for filing your taxes and showing where your money is going. After that, I opened a checking account for my nonprofit. Since I didn't have any donations at the time, I personally put in $100 (although my husband actually did it for me) to get the account started. Some banks offer discounts for nonprofits, so it's worth checking into that when opening a business account. You'll definitely need a checking account to start a PayPal account, even if...
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Non profit taxes Form: What You Should Know
Note: For 2024 and all of 2017, all Forms SSA-1099 must be mailed directly to the U.S. Treasury Department, and they must be submitted for inclusion in “Tax Return (Form 1040A/B).” If your 2024 tax return does not contain Form SSA-1099, you need to submit a new return using Form 4868-EZ, “Return of Information Return With Respect to a Foreign Bank Account or U.S. Savings Bond Account.” Your original Form 4868, along with your original and revised Form 1040, can be submitted in paper form, and you can use your original Form 4868 to calculate your filing status for any subsequent year until your Form 4868-EZ is received. Your filing status also determines the amount of your refund that will be posted to the IRS. Also see the following FAQs : Who has to submit their tax returns using form 4868-EZ? Anyone who files a 2024 Form 1040, the 2024 tax return submitted to the IRS. If you file a second tax return, Form 1040A, 2024 tax return, your filing status is the same as for a prior year. If you file a third or any other tax return, your filing status is changed to Other Individual. For further information, visit The IRS website at IRS.gov. If you do not receive Notice of Internet Acceptance for Form 4868-EZ after you file, you can request a paper copy (at no charge) by writing to the IRS Taxpayer Advocate for more information. For additional information on the Form 4868-EZ, visit IRS.gov Who has to file their tax returns using Form 4868-EZ? Taxpayers with a Social Security Number less than 10 Taxpayers with no Social Security Number Any taxpayer filing a joint return (one filing status for each spouse), or filing a joint return by separate paper returns, and also for any tax period ending on or after April 27, 2004, or on or after March 15, 2004, if the taxpayer is filing after April 26, 2004. If you would like to change your filing status to the other class, you can file an amended return with a new income tax return or Form 4868-EZ if not yet filed electronically.
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