What is the Gift Tax Exemption in 2020?

If you gave a large gift or received a large gift, you may be wondering about gift tax. Here’s the details on this rare tax: Gift tax is never paid by the recipient. If someone gifts you $30,000, you don’t have file a gift tax return or pay gift tax. The giver is responsible for…

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Tax-Filing in 2020: What Is My Tax Bracket?

If you are keeping an eye on next year’s taxes, you should know that the tax brackets for 2020 are available. All of the brackets are the same as 2019 (37%, 35%, 32%, 24%, 22% and 12%), but the thresholds have slightly increased. This means if you are earning the same taxable income in 2019…

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Now what! I received a letter from the IRS.

The first reaction by most taxpayers when they find out they are being audited by the IRS is crippling fear.  An audit occurs when the IRS has reason to believe that the tax you paid is not what should have been collected.  The IRS wants to investigate how you calculated your tax due for the…

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Is it too late to file my return?

If you found yourself unable to meet the tax deadline to complete your 2019 tax return by July 15, 2020, you’ll still in luck.  Your extension will allow you to push your filing deadline back to October 15, 2020. This extension is not an extension of time to pay. If you have not made all…

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Tips for Tracking Mileage

If you drive a lot of miles for your ministry work and you don’t have an accountable reimbursement plan, tracking your mileage can save money on your self-employment taxes. Here are some quick tips for mileage tracking that you may find useful: Regardless of whether you use GPS, a phone app or a paper log,…

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Church Reimbursements can be Taxable

Depending on how your Church reimburses you, it may or may not impact your taxes. Reimbursement plans generally fall into one of two categories, accountable or non-accountable. Under an “accountable” plan, the Church only pays your expense, nothing more and nothing less. Usually you would either have to give them receipts, or you would have…

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I missed the July 15 deadline – Now What?

While the federal income tax-filing deadline has passed for most people, some clergy haven’t filed their 2019 tax returns yet. If you’re entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020. Anyone who didn’t file and…

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4 reasons churches shouldn’t rush their PPP forgiveness applications

Churches who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act will soon be asking if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. While you may be anxious to apply for forgiveness, here are five factors affecting the…

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What do we do if an church employee is diagnosed with COVID-19?

First, notify other employees of potential exposure, if any, in the church and congregation. You should tell them that someone was diagnosed with the illness, but you should not identify which employee is sick, even if employees ask so they can gauge their own risk. Medical information, such as a diagnosis, must be kept confidential….

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What to do if you can’t afford to pay

Life is unpredictable, especially during a pandemic. If you weren’t able to pay your return timely for whatever reason, don’t panic. Here are some tips to help: Even if you can’t pay, you should still file your return. There is a penalty for late-filing a return, and it is based on how late the return…

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