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Closed Thread thanks!

by Edwards WOrld
4 replies
nothing here
#donations #nonprofit #year
  • Profile picture of the author ronrule
    You need to go through the process of becoming a registered 501(c)(3) before you can legally accept donations - you're basically panhandling right now, and I don't know how California law looks at it but it could be illegal. In the states where it isn't illegal, you're going to be taxed on the money you collect at 37% at the Federal level, plus whatever your state income tax is. Once you're a registered not for profit, your tax bill will be $0 no matter how much you collect. So don't skip it.

    Once you have the tax exempt status, attracting donors is easy.
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    Ron Rule
    http://ronrule.com

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    • Profile picture of the author Edwards WOrld
      Originally Posted by ronrule View Post

      You need to go through the process of becoming a registered 501(c)(3) before you can legally accept donations - you're basically panhandling right now, and I don't know how California law looks at it but it could be illegal. In the states where it isn't illegal, you're going to be taxed on the money you collect at 37% at the Federal level, plus whatever your state income tax is. Once you're a registered not for profit, your tax bill will be $0 no matter how much you collect. So don't skip it.

      Once you have the tax exempt status, attracting donors is easy.
      Hey Ron,

      Thanks for your input, I believe you are able to collect up to 10,000 without any tax issues in Cali, but all that is on its way. The issue on it is only time it can take months before your approved.

      So what are your tips on collecting.

      Respectfully,

      Edward
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  • Profile picture of the author vndnbrgj
    You could try your hand at crowd funding.
    I would start by creating a social presence.

    You said it takes months to get registered.
    Fine. Start now. In a few months you could have a large social media presence.
    Then, you post to your peeps that you are starting a non-profit.
    Direct them all to your crowdfunding place.

    At the same time, get media coverage and partner with local banks.
    Either people can donate through the crowd funding site or go to their local bank where a fund is setup.
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    Life Begins At The End Of Your Comfort Zone
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  • Profile picture of the author ErikNilsson
    Try crowd funding....... It work's well .... Just share your idea to your frnds,family and others.
    indiegogo[.]com is a best place to start.
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