The IRS may be the most feared institution on earth, but they are actually pretty lenient towards churches. You would probably be surprised at how easy it is for a church to be considered a 501(c)(3) for tax purposes.
Tag: Tax Implications
When are Gift Receipts Required by Law?
While most churches have probably already sent out their giving statements for 2023, I’m sure there are number of churches wondering, “Do we really have to print out a receipt for everyone?” You might be surprised by the answer.
Is my church at risk of losing its Tax-Exempt Status?
The IRS is the most feared institution on earth. Even churches, which have minimal interaction with the IRS, are usually very afraid of getting on the IRS’s bad side and losing their 501(c)(3) tax exempt status. Should they be afraid?
Walkthrough applying for church EIN
Does your church need a new Tax ID? The IRS makes this super easy. I give you a walkthrough in the video.
Maybe your church has found out that they aren’t using the correct Tax ID. What do you do? There are three things you can try before you need to get a new EIN.
Applying for the Biden Student Loan Forgiveness
Do you have Student Loans? If you do, you’ve likely seen the blurbs on the news and social media about President Biden declaring that $10,000 will be forgiven. Is this too good to be true? I explore eligibility requirements and how to apply in this post and video.
How does the Housing Exclusion apply to Retirement?
Each June the United Methodists celebrate pastors that are retiring. I always love hearing the words of wisdom they share with us at Annual Conference.
My gift back to these retirees is a reminder of how the Housing Exclusion works in retirement. Retirees can save thousands in taxes if they understand this. Actives should know about this as well for their own tax planning.
What’s the difference between a Cash Housing Allowance and a Housing Exclusion?
When a parsonage is not provided, most churches provide a cash housing allowance in lieu of the parsonage. Did you know that you can still designate a Housing Exclusion?
In this post, I go over the difference between the Exclusion and the Allowance and how they can work together.