Faith and Finances
Churches and religious organizations, like many other charitable organizations, qualify for exemption from federal income taxunder IRC section 501c3 and are generally eligible to receive tax-deductible contributions. To qualify for tax-exempt status, such an organization must meet the certain specific requirements. These requirements generally outline the specific purposes for which the organization has been organized and operated. Many religious groups seeking exemption from federal income taxesunder section 501c3 are in fact organized and operated for religious purposes, but are unsure as to whether they should be classified as a church or as another religious organization, such as a faith-based ministry. Find out more inside...