From the course: Taxes for Small Business
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Tax-free structures: Nonprofits
From the course: Taxes for Small Business
Tax-free structures: Nonprofits
- The primary goal of most businesses is to make money and ultimately profits. And when they do they pay tax and contribute to the ongoing operations of their country. But what about organizations that have no intention of making profits? Charities are organizations that are primarily focused on providing a product or service that helps people. All profits are plowed back into the organization. The tax treatment of these organizations is significantly different from their for profit counterparts. Charities span the spectrum of organizations from PTA's at schools to sporting associations to religious organizations that provide help for the elderly, homeless and sick. In most countries governments do not look to these organizations as a source of tax revenue. These provide necessary social benefits that add to the services the government provides. In that context it makes sense that they don't need to pay tax. And are granted tax exempt status. But and this is a big but, many countries…
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