Can I deduct the value of volunteer work?
Can I deduct the value of volunteer work? In short, there are certain tax benefits to take advantage of as a volunteer. In fact, any volunteer of a §501(c)(3) tax-exempt organization is entitled to receive deductible charitable contributions. Although no tax deduction is allowed for the value of the services performed for this type of…
Can I deduct the cost of a religion courses?
Can I deduct the cost of religion courses I took at church? It depends.  If the church is an accredited school, you can deduct the tuition as your education expenses. Otherwise, you cannot. If you took the courses to prepare you for a new skill/work, they are not deductible either. However, if you work and the…
Can a Church Give an Employee Loan? During times of economic hardship, individuals may approach their employer and request a personal loan in order to help make ends meet. If an employee of a church requests a personal loan from the church, there are several issues to consider. As a matter of policy, will the…
Reasons Churches Get Involved In Legal Disputes
Reasons Churches Get Involved In Legal Disputes Risk management is important to all organizations, including churches. While there is no way for a church to protect itself from all legal risks, church leaders are well advised to be familiar with common reasons churches get into lawsuits, and to take reasonable precautions. This article provides awareness…
How Should Churches Handle Legal Issues?
How Should Churches Handle Legal Issues? The last thing church leaders want to invest their time and energy into is responding to legal issues. How should church leaders respond when potential legal issues arise? Of course, it depends greatly on the nature of the issue. Here are some practical preliminary questions to ask, and steps…
What if we pay one employee the wrong amount?
What if we pay one employee the wrong amount? Can we wait to pay the difference on their next check? Don’t wait. If the employee was underpaid, it is in your best interest to pay the employee the difference immediately. Wages are due on the regular payday for the pay period covered, as required by…
Can I reclassify an employee from exempt to nonexempt status?
We would like to reclassify an employee from exempt to nonexempt status. Is it okay to do this? What do we need to do to change their status? Yes, it’s possible to make this change. Any employee can be classified as a nonexempt employee, although we generally recommend that all employees in the same role…
The three best ways to contribute to charity
The three best ways to contribute to charity Cash Donations Outright gifts of cash (which include donations made via check, credit card, and payroll deduction) are the easiest. The key is to substantiate them. To be deductible, cash donations must be: Supported by a canceled check, credit card receipt, or written communication from the charity…
Tax status of your retirement savings
Tax status of your retirement savings The first step in this process is to analyze the type and tax status of your retirement savings. For this purpose, divide your accounts into three categories: Taxed Later:Â Traditional IRAs, 403(b), and 401(k)s are types of savings accounts that give you a tax deduction at the time you contribute….
What is the Tax Treatment of Forgiven Student Loans?
What is the tax treatment of forgiven student loans? Now that President Biden has announced student loan relief, the state tax treatment of forgiven loans is of interest to many ministers. Ministers who have student loans forgiven are spared a federal tax bill, but not all states treat forgiven loans the same. A forgiven loan amount is…
