how do set up a non-profit tax id for my duaghter gymnastics sponsors?

Question

she is going to be competing over three states and we want to get sponsors to help with the cost, and allow them to write it off on their taxes.

Answer 1

A contribution to help a particular individual is never tax deductible, so you won't be able to get a 501(c)3 approved for helping your daughter raise funds to compete. Sorry.

Contributors to elite gymnasts can under some circumstances write off their contributions as advertising, but not as a charitable donation unless it's to something like the US Olympic Committee, in which case it's for the team overall, not for a particular individual.

Even if a contribution if given through a registered charity, if it's specified that it is to benefit a particular individual or family, it's not tax deductible.

Answer 2

You would have to file a form 1023 with the IRS to establish a section 501 (c) (3) organization. However, you might run into some problems with the IRS if the non-profit is going to be solely for the benefit of your daughter. Non-profits are mainly set up to help a group of people or a wide range of people, not generally to benefit one person. I'm afraid the IRS might deny your status if it is only to benefit your daughter. I have attached links regarding setting up a non-profit organization as well as Form 1023 for applying for 501 (c) (3) status.

Answer 3

you need to file form 1023 with the irs, this is the application for approval as a non-profit entity. In the meantime you can get a federal id number with form SS-4. Go to irs.gov. I would not solicit donations until the 1023 process is completed. [e-mail]

Answer 4

your asking to set up a 501.3C corp.
kind of complicated as your starting a full corp from scratch...
you'll have to list a board of directors and even have stocks...
still there is help
http://craigslistfoundation.org/
these people have on line and workshops to help you get through the huddles