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What Makes a Business Tax-Exempt?

Tax-exempt organizations do not have to pay federal income taxes, though may still be required to pay state and local income tax. To be eligible for tax-exempt status, the owners and founders of a business must not receive profits from it.

A variety of organizations can be tax-exempt, but they generally fall into one of nine categories:

Religion (such as churches or synagogues), Arts or culture (such as art museums), Education (such as universities or parent-teacher associations), Public social benefit (such as the Gates Foundation or United Way), Health (such as nonprofit hospitals or cancer societies), Human services (such as homeless shelters or the Girl Scouts), Environment (such as human societies or environmental foundations), International or foreign affairs (such as the International Committee of the Red Cross), Membership organizations (such as veterans’ organizations or labor unions)
To receive tax-exempt status, your business must register with the IRS agen judi slot. The most common form of tax-exempt organization has 501(c)(3) status. To be eligible for this, your organization must

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Not give net income to an owner, founder, or any other individual.
Have a religious, scientific, educational or other charitable purpose.
Not be involved in political campaigns or attempt to influence government legislation.
Not violate public policy or be involved in illegal activity.
If you are a 501(c)(3), in addition to being tax-exempt yourself, donations that individuals make to your organization are tax-deductible. There are a variety of other tax-exempt entities, such as a 501(c)(4) status for social welfare organizations. The IRS provides information on who can claim tax-exempt status and which forms you will need to use to file the return.

Key takeaway: Tax exempt businesses are identified by law and registered with the IRS. Tax exempt businesses are generally non-profit 501(c)(3) organizations.

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