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…
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,…
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…
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…
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…
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….
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…
Paper Filing your Return? Expect to wait longer
The extended tax filing deadline of July 15th has arrived. Due to closed service centers and limited staffing resulting from the pandemic, IRS has severely fallen behind on processing paper returns and answering phones. IRS says that they are processing paper returns in the order they are being received, but that still doesn’t help the…
One Week to Filing Deadline
The 1040 filing deadline is one week away. If you still have not filed or started gathering your information, there are two big things you can do to make your life easier down the road. First, file an extension. Your return deadline can be extended to October 15th, 2020, but only if you ask. You…
Five Quick Facts about Donations
I donate, you donate, we all donate. Here are five quick facts about donations and your 1040 taxes: Donations are only tax deductible if they are through a qualified charitable organization. Before you donate, you can ask the organization or check them at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search. Donations to individuals are NEVER deductible. While it is kind to…
