How do i file taxes for my nonprofit small business?
Nickname Here asked:
I have a small business that was just deemed Nonprofit by the state. Prior to this, i had only been in business for about 1.5 years. In the past, i just filed regular business taxes. Now that i am nonprotif status, do i have to file my taxes differently?
Thanks!
No, i was told that i DONT have to file tax exempt, that part is optional based on circumstances
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I believe that “nonprofit status” is required from IRS – not just the state. Caveat Emptor
Getting non-profit status from your state is only half of the battle. Now you have to apply for the appropriate status under the proper subsection of section 501(c) of the Tax Code. Bostonian In MO