Can Form 1120 Schedule M 3 Totals 2019-2024

Hi guys, my name is Toby Mathis and I am one of the founders of Anderson Law Group. Today, we're going to be talking about how to use a non-profit for maximizing tax savings and asset protection. It may seem strange to discuss using a non-profit, but once you understand what they are, it'll make more sense. Most of us are familiar with the term 501(c)(3). This refers to a section of the Internal Revenue Code (26 USC 501) that covers exempt organizations. Specifically, 501(c)(3) organizations are those that qualify for a charitable deduction for donations. This includes religious, educational, and charitable organizations that aim to help society. To put it simply, if something could be done by the government but you're doing it instead, chances are it could fall under a 501(c)(3). Examples of well-known 501(c)(3) organizations include hospitals, major universities like Harvard, the United Way, the American Red Cross, and even the NFL (until a few years ago). There are also non-profits that provide affordable housing for low-income individuals, veterans, and single moms. Basically, if you're helping a group or cause, it's likely that you qualify as a non-profit. Setting up a non-profit requires consideration of three categories: the state, third parties, and the federal government (IRS). The state determines how it views a non-profit and what needs to be done to create one. Third parties, such as donors and beneficiaries, are also involved. Finally, the IRS grants the non-profit its exempt status, which means it doesn't have to pay federal taxes. A 501(c)(3) is a non-profit corporation that is established with the state. Unlike for-profit corporations, non-profits don't have shareholders and their primary purpose is not to generate profit for individuals. Instead, they exist for the community's benefit. Non-profits have bylaws and are governed by directors (sometimes referred to as board...