The CARES Act expanded the tax benefit to charitable givers. I’ll go over those changes and then give my recommendation on how to best share this with your church.
How the CARES Act gives back to Givers
Tag: Tax Implications
How do pay your pastor in QuickBooks
Payroll is the scariest part of being a church treasurer. The primary reason is that pastors are weird…when it comes to taxes. It’s so important to get them setup correct the first time so I walk through that in QuickBooks.
Taking a Loan from your Retirement
I hate that I feel like I’m pushing debt here, but, if you are in a bad situation, a loan from your retirement account may be an acceptable option. Here’s is exactly how you can do that.
Families First Tax Credit for Clergy
The Families First Act can also benefit clergy that are directly affected by COVID. It looks like they can claim a tax credit to offset their self-employment taxes. A typical pastor may receive around $2,000 for a tax credit!
Families First Tax Credit for Lay Employees
The Families First Act was completely overshadowed by the CARES Act. Now it is actually coming back into the spotlight as the PPP Loans are being forgiven. Learn how this can benefit your church if Lay employees fall ill to COVID.
Noncash Donations: How do I receipt that?
When someone donates a noncash gift (stock, grain, cattle, piano, etc), the church needs to give them a receipt for tax purposes. The information on that receipt needs to be in accordance with IRS guidelines as well as be helpful to the donor. I’ll guide you through this.
Giving Statements Tips and Best Practices
Giving statements don’t have to be an administrative task meant to guilt members about their pledge. Instead, they are an opportunity to thank donors and share with them how the LORD is using their giving to change lives.