How to help pay down student loans for church employees with tax-free dollars in 2020.
Tag: Tax Implications
Clergy Taxes
There are few things more confusing than Clergy Taxes. I do a webinar annually to train new clergy on what they should know about Clergy Taxes. I had the help of a few experienced pastors on this (Jenny Hallenbeck Orr, Karl Kroger, and Jen Tyler). Long story short, Clergy Taxes are so confusing because pastors…
Accepting Gifts of Stock
The first stock gift I ever received as a church treasurer was several shares of Coca-Cola Company stock from a wonderful member named Char. Char wasn’t a multi-millionaire. She was just like so many ordinary people that happen to own stocks, bonds, or shares of a mutual fund. You don’t need to have a Bill…
Top 3 CARES Act Benefits for the Individual
Normally I aim for helping church finance committees, pastors, and other leadership. With this pandemic, a lot of energy has gone towards helping the church as a small business, but what about the church as a group of individuals? If you go to long without considering the well-being of the individual, the church is going…
Donated Services and the Church
A number of years ago, I received a call from a pastor who just had someone volunteer to do some painting for the church. After the job was done, the volunteer asked for a gift receipt because they actually ran a painting business. The gift of service is so priceless that the IRS won’t let…
Does the Church need a Car?
About a decade ago, Elmer Brinkman basically donated his 1998 Toyota Corolla to the Conference. That was our first fleet vehicle. I knew it would save us a ton of money. Before this, we reimbursed mileage at the IRS rate whenever someone had to travel for work. I was so proud of it, I actually…
Donating Farmland to the Church
In the Dakotas, many of our churches are connected to agriculture. We have members that our farmers, retired farmers, and/or children who inherited farmland from their folks. The scary thing about farmland transactions is the tax basis. Most farmland has been held for decades so the tax basis could easily be $100/acre or less. If…