Your homeschool group should be filing some reports every year with the IRS. Did you know that?
Carol Topp, the HomeschoolCPA, explains what forms homeschool groups should be filing with the IRS in this episode of the Dollars and Sense Show podcast.
In the podcast, Carol answers common questions from homeschool leaders such as:
- We were told if our income is under $50,000 a year, we don’t have to file anything with the IRS. Is that true?
- What changed? We never had to file anything with the IRS before!
- But we’re not a 501c3 organizations (or don’t want to be), so why do we need to file anything with the IRS?
- We don’t like government intervention. Why do we need to have anything to do with the IRS?
- Our homeschool group doesn’t make any profit, so why do we have to file a tax return?
- We’ve never filed anything with the IRS? We didn’t know we had to! Now what? Will be owe back taxes?
Here’s a helpful FAQ page explaining the IRS Form 990-N.
If all this is new to you, don’t panic!
HomeschoolCPA’s Recommended Consultants can help advise homeschool organizations. These qualified, experts in homeschool groups offers consultations to homeschool leaders. Some of the consultants also help homeschool groups apply for 501c3 tax exempt status.