May 4, 2016
Back when you started your job, you likely filled out a Form W-4. Since then, life has changed—possibly with a marriage, a new child, or a raise. Now that income tax filing season is over, did you end up owing taxes, when you expected a refund? Or perhaps you experienced month-to-month budgeting issues, because too much was being withheld from your wages.
Fixes for Future Tax Shock
Too much or too little in tax withholdings may cause headaches down the line, so it’s important to know which life events can affect your tax status. Here are a few:
As an added measure, look at your year-to-date pay statement, and conduct an income tax withholding status check. The IRS Withholding Calculator can help determine if you are on track. If not, a mid-year adjustment can be made.
Clergy can benefit from a withholdings review, too. A mid-year check can help keep a minister’s estimated taxes and housing expenses on track. The IRS Calculator contains instructions for self-employed workers, like some ministers, who make quarterly tax payments.
A New Form W-4 is Required
If you want to make changes to your withholdings or estimated tax payments, you must file a new Form W-4 with your payroll administrator. A “verbal” notice of change, or an email, will not work.
Preparing for this Christmas season may require additional creativity, due to the uncertainty of what COVID-19 may bring in our local community.
A mid-November deadline in the Boy Scouts of America’s (BSA) bankruptcy proceedings may have you wondering what the organization’s bankruptcy filing means for your ministry if you ever hosted or chartered Boy Scout Troops.
Organizations that obtained Paycheck Protection Program (PPP) funding through the CARES Act can have their loans forgiven, turning them into grants. To qualify, each borrower must file a forgiveness application with its PPP lender, proving that it followed the rules. If your church, school, college, or camp meets all the criteria, 100% of its loan can be forgiven.
Learn about the CARES Act and two loans for which ministries may be eligible, since Congress authorized additional funding April 23.
As concern over the dangers associated with the spread of a new coronavirus, COVID-19, spreads, our agency and Brotherhood Mutual want to keep you informed and provide best practices for managing the spread of this and similar illnesses at your ministry.
The first Sunday in February is a big day for sports fans. In fact, many Americans view Super Bowl Sunday as a national holiday. Friends and families will gather this year to watch the big game, enjoy delicious snacks, and of course, critique the commercials that go along with game day.
Recently, we learned about two major overseas incidents involving pastors on mission trips. The first incident involved a pastor being hit by a motorcycle while running. The second was a bus accident involving two pastors. The runner and one of the two bus passengers sustained extensive injuries.
Last month, the IRS announced that its initiating hundreds of church exams to test compliance with the Affordable Care Act (ACA). While many provisions only apply to churches with 50 or more full-time equivalent employees (FTEs), even smaller churches could potentially violate provisions applicable to health benefit plans with as few as 2 plan participants.
July 4th is synonymous with food, fun, and fireworks. If your church is planning an event this Independence Day, remember to keep a focus on safety, so that everyone can have fun.
National Insurance Awareness Day falls on June 28 this year to remind people everywhere that insurance is vital to their companies and ministries.
More than 700 confirmed cases of measles have been reported in the United States so far this year, making this outbreak the worst in decades.
Do you use commercial vehicles that transport more than 15 passengers or carry cargo from one state to another as part of your ministry? If so, you are required to register with the Federal Motor Carrier Safety Administration (FMCSA) and obtain a USDOT number.
If your ministry buildings become damaged because of a tornado, or if your ministry plans to volunteer to assist with disaster recovery for those affected by these storms, be mindful of the dangers involved.
Thinking about taking a group from your ministry ziplining? Be sure to confirm that the site you choose complies with the new Kentucky state law that regulates aerial recreational devices.
The National Safety Council has designated June as National Safety Month, so we want to make sure your ministry is doing everything it can to protect its people, property, and programs. Each week in June, we’ll tackle a different topic. Up this week: Emergency Preparedness.
There’s a new scam in town, and ministries and other organizations collecting donations are the primary target. If your ministry collects tithes or donations, you could be targeted by scammers practicing donation overpayment fraud.
Accidents and medical emergencies happen at church more often than you may think. Knowing how to deal with minor medical injuries, illnesses, and major medical emergencies until first responders arrive can make a big difference.
Beloved evangelist Billy Graham was called to his heavenly home on Wednesday, February 21, 2018, at the age of 99.
For the first time in its 13 years of influenza monitoring, the U.S. Centers for Disease Control and Prevention is reporting that every state in the continental U.S. is seeing widespread flu activity. Get tips on how to keep your congregation healthy this flu season.
On January 27, American Church Group of Kentucky and Heartland Church in Paducah hosted a Church Security Conference to help educate ministries on how to protect their people and ministries. The three-and-a-half-hour event was free to attend and offered local churches an opportunity to learn how to develop a safety and security mindset and identify potential gaps in their current safety and security procedures.