The Good In Deed community has long been participating in drives, hosting their own and spreading good deeds across the globe. While we’ve been very charitable over the past few years, we weren’t recognized by the IRS as a charitable organization. Organizations that are known as a charitable foundation have what is called a 501c3 status. There are many 501c3 benefits for both the organization and the donors who work with the organization. Well now, Good In Deed has gained 501c3 status.
Now, not only can Good In Deed take advantage of all of the 501c3 benefits but you can too just by participating in our drives!
What does 501c3 Status Mean?
In the eyes of the IRS, any organization that takes in money or goods is a business. Businesses must pay federal taxes, sales taxes, and property taxes. Those businesses also must pass those taxes onto the clientele. When an organization receives approval of their 501c3 status, many of those fees go away. Not every organization can receive the 501c3 benefits. In fact, only charity, religious, preventive safety, education, and a few other organization types can receive 501c3 status. There is plenty of work that goes into getting your 501c3 status, and Good In Deed has done it all.
What are the 501c3 Benefits?
The biggest benefit of becoming a 501c3 organization is the exemption from taxes. Any donation that comes into an organization must be taxed and that can get costly. The Good In Deed community always hosts successful drives and that means a lot of taxes. Now that Good In Deed is a 501c3 organization, we don’t need to pay those taxes anymore. The loss of those fees means we can afford to host more drives, do more good and share those savings with more people.
Another one of the best 501c3 benefits is we can now give donors tax deductions on any charitable donations. Good In Deed also has the ability to get special mailing rates, especially for goods being shipped that have been collected during a drive. Lastly, as a 501c3 organization, Good In Deed can get special grants on both the federal and local levels.
What 501c3 Means For You
Now that Good In Deed has successfully received a 501c3 status, we can pass all of our savings onto you. This means we can give you tax deductions for items donated during drives, host more drives, and mail out more donations. Our goal has always been to help those in need and now we can help you as well.