IRS Publication 557 2013 free printable template

Publication 557 (Rev. October 2011) Department of the Treasury Internal Revenue Service Cat. No. 46573C Contents What's New. . . . . . . . . . . . . . . . . . . . . Reminders. . . . . . . . . . .

How to fill out IRS Publication 557

How to fill out IRS Publication 557

1. Obtain IRS Publication 557 from the IRS website or local tax office.
2. Read the instructions carefully to understand the purpose of the form.
3. Identify the type of organization you are applying for, as different types have different requirements.
4. Complete the applicable sections related to your organization's structure and purpose.
5. Provide necessary supporting documents and files as indicated.
6. Double-check all entries for accuracy.
7. Sign and date the form where required.
8. Submit the completed form to the appropriate IRS address or file electronically if applicable.

Who needs IRS Publication 557?

1. Non-profit organizations seeking tax-exempt status.
2. Organizations applying for 501(c)(3) status.
3. Estates or trusts that want to comply with IRS requirements.
4. Community organizations and charities looking for guidance on maintaining their tax-exempt status.

People Also Ask about

How do I dissolve a 501c3 with the IRS?

For federal tax purposes, you'll need to file IRS Form 990 or IRS Form 990-EZ. You must include a completed Schedule N (Liquidation, Termination, Dissolution, or Significant Disposition of Assets), as well as copies of your certificate of dissolution and resolution to wind up and dissolve.

What impact does declaring exemptions have on your finances?

The Internal Revenue Code allows taxpayers to claim exemptions that reduce their taxable income. Both personal and dependent exemptions lower the amount of your taxable income. That ultimately reduces the amount of total tax you owe for the year.

What is the difference between a nonprofit and a 501c3?

While a nonprofit corporation is a state-level designation, the 501(c)(3) status is a federal, nationwide designation awarded by the IRS. If a group has 501(c)(3) status, then it is exempt from federal income tax, which often also means you don't need to pay state income taxes either.

What is IRS Publication 552?

IRS Publication 552, entitled Recordkeeping for Individuals, covers why you should keep records, what kinds of records you should keep, and how long you should keep them for tax purposes. This publication is intended for individual taxpayers and does not discuss the records you should keep when operating a business.

Should I claim exemption from withholding?

Who Should Be Filing Exempt on Taxes? As noted above, you can claim an exemption from federal withholdings if you expect a refund of all federal income tax withheld because you expect to have no tax liability and had no tax liability in the previous tax year.

Is it better to claim 1 or 0?

By placing a “0” on line 5, you are indicating that you want the most amount of tax taken out of your pay each pay period. If you wish to claim 1 for yourself instead, then less tax is taken out of your pay each pay period.

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What is IRS Publication 557?

IRS Publication 557 provides guidance on the tax-exempt status of organizations under section 501(c)(3) of the Internal Revenue Code.

Who is required to file IRS Publication 557?

Organizations seeking tax-exempt status under section 501(c)(3) must file IRS Publication 557.

How to fill out IRS Publication 557?

Filling out IRS Publication 557 involves providing detailed information about the organization, including structure, purpose, activities, and financial data as required.

What is the purpose of IRS Publication 557?

The purpose of IRS Publication 557 is to provide information and instructions on how organizations can apply for and maintain tax-exempt status.

What information must be reported on IRS Publication 557?

The information reported on IRS Publication 557 includes the organization's name, address, structure, purpose, activities, and financial information.