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Mr. and Mrs. Kay, ages 68 and 66, file a joint return. Mrs. Kay is legally blind. Compute their standard deduction.
Not-for-Profit Entity
An organization that operates for purposes other than generating profit, often focused on social, educational, or humanitarian objectives.
Form 990
A tax form filed by nonprofit organizations to provide the IRS with annual financial information, including revenue, expenses, and compensation of officers.
Tax-Exempt Entities
Organizations that are not required to pay federal income taxes, typically due to their charitable, religious, educational, or governmental purposes, such as non-profit organizations.
Donor Disclosure
The requirement for a nonprofit organization to report certain information about its donors, depending on the size of the donation and local regulations.
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