Hi- I am the leader of a homeschool support group and self declared 501c7. We are not a co-op and only do field trips and park days. We do collect yearly dues to help cover pool rental, field day, etc. We also have about 25 families and have under $300. What tax form do we fill out?
-Rhonda
Rhonda,
I believe you told me that your bank balance is $300, but the IRS uses your total revenues (all the money that came in), not your balance (or profit) to determine what forms tax exempt organizations should file.
If you are a self-declared 501(c)(7) social club with total revenues under $50,000 per year, you should file the IRS Form 990-N every year.
The 990-N is a short, online form that the IRS calls an electronic postcard. It will only take 10-15 minutes to complete.
It is due 4 1/2 months after the end of your fiscal year. It is not due April 15 like individual tax returns.
You will have to call the IRS to get added to their exempt organization database.
This will help: How to get added to the IRS database and file the Form 990N
Additionally, there may be forms to file in your state. Here’s a resource I use to research what each state wants HarborCompliance.com/information/nonprofit-compliance-guide
I hope that helps,
Carol Topp, CPA
HomeschoolCPA.com