Is it possible to incorporate or become a non-profit organization, using non-taxable retirement (SSDI, or VA disabilty) revenue and recieve a tax-write off?

If your family invest $50.00 in LLC. you could pay dividends on them and you since your business is a "entity" and still recieve a tax-write off at end of the year. The example is like pulling up to get "gas" as Shell. The IRS is not standing outside wondering where you got the money to pay for that gas. You pay-and-go! Period. You investing in there company.

Or how you pay taxes each year, and the government gives you money back. But as a business, you can itemize everything you bought after 10,000 dollars.

As a non-profit organization or LLC, instead of saving your money in the bank, you can invest in yourself, and recieve a "write-off" from being your own charity case; instead of tricking off your savings money!

When you go to charitables, your offered a ticket for itemizing during tax-season. Could you do the same thing with just your saving money as a non-profit or LLC (closed corporation).

This money should always turn over yearly; and be budgeted wisely.

Peace be upon you

---------- Post added at 02:48 PM ---------- Previous post was at 02:24 PM ----------

Called a lawyer, I was right! You can as long as it's not used for illegal use like gambling. It's just an idea though for people who might use there money to help out there family, or make some extra-money at the end of year from tax-free reinvesting.

Peace be upon you
---------- Post added at 04:35 PM ---------- Previous post was at 02:48 PM ----------

Exemption Requirements - Section 501(c)(3) Organizations

To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.

Organizations described in section 501(c)(3) are commonly referred to as charitable organizations. Organizations described in section 501(c)(3), other than testing for public safety organizations, are eligible to receive tax-deductible contributions in accordance with Code section 170.

The organization must not be organized or operated for the benefit of private interests, and no part of a section 501(c)(3) organization's net earnings may inure to the benefit of any private shareholder or individual.

If the organization engages in an excess benefit transaction with a person having substantial influence over the organization, an excise tax may be imposed on the person and any organization managers agreeing to the transaction.

Section 501(c)(3) organizations are restricted in how much political and legislative (lobbying) activities they may conduct. For a detailed discussion, see Political and Lobbying Activities. For more information about lobbying activities by charities, see the article Lobbying Issues; for more information about political activities of charities, see the FY-2002 CPE topic Election Year Issues.

Additional Information
Application Process Step by Step: Questions and answers that will help an organization determine if it is eligible to apply for recognition of exemption from federal income taxation under IRC section 501(a) and, if so, how to proceed.
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Exemption Requirements - Section 501(c)(3) Organizations