December 17, 2024
How to report honoraria income?
The best way to report honoraria income for clergy is to include it on Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship). This allows you to report the income and deduct any related expenses incurred in performing the services. Here are the steps to report honoraria income:
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December 17, 2024
Explain how qualified charitable distributions work
Qualified Charitable Distributions (QCDs) are a tax-efficient way for individuals to donate to charity directly from their Individual Retirement Accounts (IRAs). Here’s a detailed explanation of how QCDs work, including eligibility criteria, tax treatment, and limitations or special rules that apply: Eligibility Criteria Age Requirement: The IRA owner must be
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December 17, 2024
Determining Worker Classifications
Exempt or Non-exempt? Classifying exempt and non-exempt church employees is just as crucial as distinguishing between independent contractors and employees. Generally, this involves a straightforward separation between salaried (exempt) and hourly (non-exempt) employees, but that is not the only criterion. Organizations must adhere to the Fair Labor Standards Act (FLSA)
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