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Printable Form IRS-990 Sugar Land Texas: What You Should Know

Information concerning  Form 990, Return of Organization Exempt from — IRS Exempt Organizations for Texas (NOT) Fees & Financing & Tax Relief Programs The Texas Department of State Health Services (DSS) has established various programs for financial assistance for nonprofit 501 (c) (3) organizations. All the programs offered by DSS are free of charge. Nonprofit 501 (c) (3) groups must be recognized as a tax-exempt non-profit with state approval (501 (n) organization). They may also elect, within certain  pre-set guidelines, to be exempted from taxation. (See Tax Exempt Organizations in Texas). For more information on nonprofit 501 (c) (3) groups in Texas, please visit the 501(c)3 section of the Office of the Secretary of State, Office of the State Comptroller and Guide for 501 (c) (3) Nonprofits in Texas. The following is from the IRS Publication 535, Tax Guide for Nonprofit Organizations, Publication 1450, Annual Report, Tax Guide for Charities and Non-Profits that provides an excellent summary of some of these tax benefits and guidelines by state. There is no tax preference for qualifying 501 (c) (3) organizations in Texas, no tax deduction for income received by 501 (c) (3) organizations, no tax credit for employee contributions, and no deduction (from contributions) for a tax loss incurred. The State of Texas does not allow 501 (c) (3) nonprofit organizations to make election or waiver of sales tax for nonprofit sales activities. As with all transactions between a for profit and non-profit organization, the entity must pay taxes on any income received. Organizations that are not exempt from federal income taxes will still have to pay state income tax (Texas does not collect or withhold federal income tax). For all activities, including fundraising, the organization may file an Information Report on Form TX-1. In addition to filing all required federal tax returns, non-profit 501 (c) (3) organizations must file an annual Information Return to Texas and pay Texas state income tax of an estimated amount equal to 3% of gross receipts, plus sales/use tax.

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