The money that supports your church’s ministry comes from faithful people who give because they believe in the mission. For that reason alone, there is a responsibility to manage wisely how the funds are used. The church Budget Committee has the task of oversight. One of their primary duties is to create an annual budget.
Cash flow is the life-blood of every business. For a small business, cash flow can make or break its ability to survive. If you want to adopt a proactive approach to managing your small business, then it is important that you enlist the help of a CPA who can assist with financial forecasting. A professional can help you fine-tune your business plan and know what to expect in the future.
The Tax Cuts and Jobs Act went into effect January 1, 2018. That means that the changes made won’t affect your 2017 tax filing in April 2018. Many of the deductions available to individual taxpayers survived the new tax law and will still be available to you when you file in 2019. Some have been modified. Here’s a checklist of those tax deductions:
The Tax Cuts and Jobs Act (TCJA) enacted changes to the Internal Revenue Code that affect many types of business. Real estate investors and landlords stand to benefit from many of the new law’s provisions. These changes to the business tax structure are permanent and relatively comprehensive. Landlords and property owners should consult their accountants and tax professionals for explanations of the changes.
The tax reform bill, H.R 1, known as the Tax Cuts and Jobs Act which enacted sweeping changes to the Internal Revenue Code, contains numerous changes that will affect businesses large and small. The new tax law is complex; most business owners will look to their accountants and tax professionals for explanations of the changes.
Will churches experience a decline in giving because of the newly signed Tax Cuts and Jobs Act? Some fear that the doubling of the standard deduction will result in fewer parishioners who will itemize their deductions. Charitable donations to churches are itemized expenses.
Not sure what to make of the Tax Cuts and Jobs Act signed into law by President Trump in December 2017? Most of the changes will go into effect January 1, 2018. But, you won’t file your federal tax return for the 2018 tax year until 2019, giving you time to understand how the changes will affect you. In the meantime, here is a quick rundown on some of the changes brought by the new tax law:
If you’re in your late 40’s or even early 50’s and don’t have a plan for retirement – that is, how to support your post-work lifestyle – it’s not too late. For those who didn’t start saving for retirement earlier, there are strategies for “catching up.” Here are some questions to guide you:
The end of the year is always a busy time for business owners. While juggling holiday planning, you also have to take care of some important business duties so you will have a successful year when the calendar flips over. As 2017 draws to a close, the possibility of major tax legislation makes tax planning more important than in previous years. This year, good tax planning has to acccount for what may happen in the near future.