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#4
February 24th 04, 08:40 PM
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Jay,
You don't have to wait a year to start taking donations. You can start taking them immediately. It just takes the IRS a while to approve your Determination Letter. It shouldn't be a problem. But you will have some filing issues if you take in over $25,000 in a year (I believe that's the amount). Find someone who runs a local 501c(3) and ask them or pay an accountant. Trip In article , says... "Jay Honeck" wrote in message Anyone here been down that road? Any words of advice before we jump into the shark-infested waters? :-) I'm sure you already thought about this but for what it's worth: Apply for 501 3 (c) "non profit" status so that contributions are tax deductible. It is a real hassle to apply for and will take about a year to finalize the deal. It will be worth it of you wish to snag that "big fish" with lots of money who needs a deduction. -- Jim Fisher 
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