The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance

The Church Finance & Minister Tax Podcast- Church finances, Minister Taxes, Minister payroll, IRS Compliance

Hey there, I’m Michelle and I love all things Jesus, business and church finances! I help church finance individuals just like you go from feeling confused and frustrated with what you don’t know about church finances, to being more confident in your role while increasing your proficiency and expertise in the church finance realm. Are you tired of Google searches that result in endless pages of answers to your questions about church finances, housing allowances and clergy taxes? Do you need help with getting the right processes and procedures in place for your church office or business? Are you looking for a group of like-minded believers who understand your desire to do business and serve the local church God’s way? In this podcast, you will find practical AND biblically based business solutions for your church office or bookkeeping business that serves churches . We will give you tried and true bookkeeping tips and lessons that are specific to the church ministry and other foundational practices that you need in place to make sure that the church(es) that you serve are in compliance with current industry standards and IRS tax code. We will also lean into mindset training to help you think like the business professional God created you to be and renewing your mind through the application of truths from the Word of God that will encourage and free you to do business God’s way while learning what you didn’t even know you needed to know! My mission is twofold: #1 to help church bookkeepers/treasurers/finance individuals become more confident in their role and increase their expertise in church finances. #2 to help business owners unapologetically do business God’s way and grow a successful bookkeeping business they feel good about and that helps make the world a better place. If you are ready to walk out the calling the Lord has on your life while serving Him with excellence - then you are definitely in the right place! I tried to achieve success in the secular world but felt unfulfilled and like an outsider because of my beliefs. I finally realized that taking the risk to create a business (or businesses in my case), where I could openly express my faith and beliefs and to put God at the center of everything I did, was more exciting to me than the fear of the ”what if’s”. So, I did it! Not once, but twice! I want to share with you what I’ve learned through my 20 years of business experience in both Christian retail and my bookkeeping business to help you take that step of faith and walk in courageous obedience to God. If you are ready to serve your church with confidence and/or create a business that keeps God at the center of everything you do WHILE helping to make the world a better place all at the same time - this podcast is for you! So grab your Bible, a notebook or laptop, and the dream God gave you, because we’re doing this. It’s time to serve Him with Excellence! Learn: www.churchfinances.org Community: https://www.facebook.com/groups/churchbookkeepingandclergytax

Episodes

May 21, 2024 16 mins

Are you a church leader feeling overwhelmed by financial compliance? Stay tuned for part 2 of our series on Navigating the IRS maze: Tips for Church Financial Compliance. From maintaining accurate records to staying up-to-date with IRS filings, we've got you covered. Get ready to streamline your financial processes and gain peace of mind. I’m so happy to have you join me today!

As promised.... here is the IRS blurb you need to incl...

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Feeling lost in a maze of IRS regulations?  Don't worry, you're not alone. Many church leaders and finance managers find themselves overwhelmed by the intricate web of rules and requirements. But fear not, because today, we're here to shed some light on the path to financial compliance. Today’s episode will kick off our 3 part series on Navigating the IRS Maze: Tips for Church Financial Compliance. I’m so happy to have you join me ...

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I'm thrilled to share that the Bookkeeping with a Purpose podcast is evolving to better support our church office crew and is rebranding to a new name “The Church & Minister Tax Podcast”. Same location, all the back episodes, just a new name and expanded focus. Alongside finance and tax tips, we're diving into admin tricks and organization hacks to make your life easier. With over three decades of office experience under my be...

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NOTE: The Department of Labor (DOL) and the Internal Revenue Service (IRS) use different criteria for determining whether a worker is an employee or independent contractor, and the criteria serve different purposes.

The DOLs criteria are primarily used for determining eligibility for wage and hourly protections under the Fair Labor Standards Act (FLSA), ( which we covered in Ep 57) while the IRS’s 20-factor control test is used for...

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Segment 1: Tax Realities

  • Ministers Pay Taxes: Dispelling myths.
  • Legal Truth: Courts reject tax exemption claims.
  • Cautionary Note: Risks of tax evasion.

Segment 2: Ministerial Taxes 101

  • Tax Status: Ministers are self-employed.
  • Who's Qualified: Active licensed, ordained, or commissioned ministers.
  • Tax Responsibilities: Pay taxes through withholding or estimated payments.

Segment 3: Compliance & Penalties

  • F...
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Tax season is upon us, and with it comes the need for proper documentation. Improper donation receipts can cause headaches for both donors and organizations. In this episode, we'll dive into the essential elements of a donation acknowledgment letter to ensure compliance with IRS standards.

Main Content:

  • Understanding IRS Requirements:
  • Explaining IRS guidelines ...
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Introduction:

  • Welcome to episode 57 of the Bookkeeping with a Purpose podcast!
  • Exploring the complexities of federal regulations, particularly regarding church employees and overtime rules.
  • I stumbled upon something fascinating recently, and you know me, I can’t keep cool discoveries to myself. So, buckle up for a journey into the world of ch...
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In Episode 42 I talked to you about 3 steps to help you create a sound budget. In today's episode I want to help you take the next step in the budgeting process - ensuring that every program you created a budget line item for is carried out with excellence so that you can actually stay within that budget! Listen in to see how you can continue to honor God in the budget process.

 

xo, Michelle Next Steps: Grab Your Freebies:

https:/...

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January 31, 2024 13 mins

Direct from the IRS website:

A minister's housing allowance (sometimes called a parsonage allowance or a rental allowance) is excludable from gross income for income tax purposes but not for self-employment tax purposes.

If you receive as part of your salary (for services as a minister) an amount officially designated (in advance of payment) as a housing allowance, and the amount isn’t more than reasonable pay for your services, yo...

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1099-NEC or 1099-Misc?

Knowing which form to use can be confusing.

In today's episode I go over 

1. who should receive a Form 1099

2. which Form 1099 do you send

3. special circumstances that determine which form to use

4. e-filing requirements

5. filing deadlines

I hope this helps!

xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps    biz owners

https://churchfinances.ck.page/guide   everybody

Looki...

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In today's episode we go over how to properly fill out your Ministers W-2, the new mileage rate for 2024 and 1099 filing requirements and deadlines. xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps    biz owners

https://churchfinances.ck.page/guide   everybody

Looking for a group of like-minded people that want to keep Jesus at the center of everything they do?

 

Join the BEST FaceBook group for ch...

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The IRS has announced the tax opening date for 2024.

In today's episode I share a list of documents you need to start gathering together to help make the tax prep process smoother for you and your tax preparer.

This week's Courageous Obedience Moment is to look for God and how His character is revealed in Scripture instead of reading the Bible with the intent of looking for what the Word has to say to you. Look for God!

xo, Michell...

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IRS blurb for your annual contribution statements

" Pursuant to Internal Revenue Code requirements for substantiation of charitable deductions, no goods or services were provided in return for the Tax Deductible contributions"

For QuickBooks Desktop:

" Unless otherwise noted, the only good or services provided are intangible religious benefits"

 

Records that should be retained for 5 years:

  • Offering Envelopes (unless you put a ...
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With the end of year upon us, let's take the time to review what worked well this year, and what didn't. Then take steps to make next year even better!

Here are some links to resources that can help increase your knowledge in church finances.

www.thechurchnetwork.com

www.churchlawandtax.com

www.bookkeepersinnercircle.com

xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps    biz owners

https://churchf...
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Communication. You hear it mentioned when you're in a relationship. But communication is also vital to your business success. Today I talk about 3 areas of communication that you need to pay attention to in order to experience the success you desire in your service to the local church.

I open with a story about a remarkable lady who works in her church office and has some unique challenges. 

I hope this episode blesses you.

xo, Mic...

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December 6, 2023 14 mins
Intuit is always changing things, and not always for the best. Many small and medium size churches still use QB Desktop and it has been my software of choice for the last 27 years. Intuit made the announcement this week that they will no longer make the Desktop version available to new customers effective July 31, 2024. As QB Pro Advisors and bookkeeping professionals, we knew it was coming, we just didn't know when. Current subscr...

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November 29, 2023 14 mins
  1. Dual tax status = EE for income tax purposes, but considered SE for FICA tax purposes
  2. Minister should make ETP throughout the year to help pay for the SE taxes that will be due on their income to avoid underpayment penalties if they owe over $1,000 tax liability
  3. EE vs IC     IRS link   Publication 1779 download
  4. HA...
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Regardless of what's going on in your life or your business, there is ALWAYS something to be thankful for. 

In today's episode, I go over some items that we should all be thankful for this year.

Thanks for taking a listen and I hope you have a very Happy Thanksgiving!

xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps    biz owners

https://churchfinances.ck.page/guide   everybody Schedule a Consultat...

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  1. Check your W-4 information - make sure have all required information on all current and past 2023 EE’s and update if needed
    1. This is also a good time to update your EE files with any new information or missing info incl. I-9’s
  2. Beginning January 2024, the IRS has issued final regulations for filing paper return and you now have to file...
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Today we will be talking about things we want to accomplish in this last quarter. We will talk about 4 tasks I want you to do:

1. Tell your members about donation deadlines

2. Understand the $250 rule

3. Locate your 501c3 letter

4. Review your insurance policy

I hope this gets you off to a good start on checking off those year-end tasks.

As always, thanks for sharing your time with me. 

xo, Michelle Next Steps: Grab Your Freebies:

...

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