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.
As any church office manager, volunteer, or pastor knows, the copier plays a vital role in the day-to-day activities. Whether you’re printing church bulletins or copying legal and financial documents, if it breaks, the entire staff might end up in crisis mode. That’s why it’s so important to have a plan in place for a replacement.
If you're an officer or on the board of a nonprofit organization, you may wonder about the tax requirements that apply to your group.
Generally, an organization will not owe taxes if two things are true:
- It has registered as an exempt nonprofit organization with the IRS, and
- It has no business income from activities unrelated to its exempt purpose.
Churches are sanctuaries and safe places for communities to gather. That doesn’t mean that people can’t get injured there though. In fact, injuries happen at churches every day. Pastors slip and fall on wet floors, and volunteers trip over their feet when playing with kids. Anything can happen at any time.
You want your business to thrive, so you’re considering hiring a small business advisor. Before you dive in, you want to make sure that a business consultant will help your business. There are many ways that consultants help companies thrive. Here are four of them:
Church leaders and their congregations know the importance of maintaining the structure that houses their ministry. They want to preserve the value of the building for future generations, protect their assets, and maintain the safe and efficient operations of the facility. Unfortunately, churches frequently find themselves addressing problems of deterioration and safety as they happen, often without the necessary funds.
When most of us think about medical emergencies we focus on the cost: is our health insurance adequate to cover the needed treatments. Our concern centers on premiums, deductibles, and co-pays. The potential for tax advantages is another element to consider. Two health care plans - Health Savings Account (HSA) and Flexible Savings Account (FSA) – reduce income tax liability. Both of these accounts let you pay less taxes and save on health care expenses.
In the world of non-profits, including churches, end of the year donations are critical to the financial well-being of the organization. Why? Many individuals and companies wait till year-end to take advantage of tax advantages. By year end they know where they stand financially, how much they can afford to donate and how a donation could actually help them save money in other areas of their finances.