April 6, 2016
For many ministries and their employees, April is a triple tax-deadline month. Does your ministry have the following dates circled on its calendar?
Form 1040-ES: Estimated Tax for Individuals. If your pastor makes quarterly estimated tax payments instead of voluntary withholding, the first filing and payment is due by April 18, 2016, using Form 1040-ES. It’s important to note that the church does not make these payments for the pastor. The Electronic Federal Tax Payment System (EFTPS) is the easiest way to pay federal taxes for individuals, and includes options for federal tax deposits, installment agreements, and estimated tax payments. Pastors can also access payment history using EFTPS.
The remaining individual quarterly tax payments are due June 15, September 15, and January 17, 2017.
Form 1040: Individual Income Tax Return. For most pastors and ministry staff, April 18, 2016, is tax day. Whether your pastor reports income taxes as an employee or self-employed, filing a Form 1040 is required. Pastors who have requested, and have received, an exemption from Social Security are not exempt from paying federal income taxes.
Form 941: Employer’s Quarterly Federal Tax Return. Ministries that withhold income taxes, Social Security or Medicare tax from employee’s paychecks, or must pay the employer’s portion, will file Form 941 by this date. A separate Form 941 is required at the end of each quarter: July 31 and October 31, 2016, and January 31, 2017.
Form 941 does not apply to all. Some ministries may have received IRS permission to file annually by using Form 944. This form reduces the burden on small employers by allowing them to file one return per year. To see if your ministry qualifies, click here.
There are a lot of hats worn in any growing ministry – and we want to serve every one of them.
With the holiday season right around the corner, it’s wise for ministries to evaluate their fire safety plan. Whether your ministry is hosting a holiday party, prepping treats for charity, or running a community kitchen, make sure you’re well-prepared with these tips.
The holidays present unique opportunities and challenges for churches that aren’t typical during other times of the year. A lot of the ministries that I work with are seeing steady increases in attendance and are praying for a significant jump in Christmas service participation this year.
In this article, Brad Brown from Plan A Wealth Management gives a wonderful insight into why ministries might consider choosing a 403(B)(9) retirement plan.
As school is back in session, it’s important to make sure your school is equipped with the correct safety procedures. Thinking about your school’s physical security as a series of layers can help you find gaps in your plan. Transportation and volunteers are just two important aspects of your school safety plan to think about.
If there is one thing I have learned over the last decade while working private security and as a sworn peace officer, the more critical the incident, the more likely change will come out of it. Much like a pendulum, an incident occurs, and everyone cries for change.
Updating the lighting in your worship center with LED can offer significant energy savings while improving overall lighting performance.
We are so excited to welcome the newest member of the American Church Group of Colorado team, Lyndsie Glowinski.
Churches are increasingly becoming targets for cyber criminals. The most common attack is by sending “phishing” emails where the perpetrator poses as someone familiar to the ministry staff (like a senior pastor, deacon, elder, or someone trustworthy) and requests some sort of response.
Anyone who turns on the news, flips through a magazine, or browses the web can see that American society and culture are experiencing rapid transitions. Some ministries have valid concerns that issues surrounding societal shifts may expose them to negative publicity, governmental scrutiny, or litigation.
The questions become: when and how can ministries operate within their deeply held religious beliefs when they may conflict with others’ rights?