Center For Financial Independence

Center For Financial Independence10 Jul, 2024Finance

In the United States, the government created the 501(c)3 nonprofit corporation to help address this situation. Technically speaking, a 501(c)3 is a tax-exempt legal structure that can receive charitable donations from individuals, businesses, government agencies, and philanthropic foundations. Examples of well-known not-for-profits include: the Boys and Girls Clubs, the YMCA and the Sierra Club. People who donate money to these charitable organizations benefit by deducting the contributions from their taxable income.