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
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Episodes
Wednesday Dec 20, 2023
Wednesday Dec 20, 2023
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://churchfinances.ck.page/guide everybody
End of year special -- ONLY $10/month! Special pricing ends 12.31.23
Looking for a group of like-minded people that want to keep Jesus at the center of everything they do?
If you’re a church staff member or volunteer looking to serve your local church with excellence, check out my membership group The Bookkeepers Inner Circle @ www.bookkeepersInnerCircle.com
Schedule a Consultation:
https://churchfinances.org/consult
Wednesday Dec 13, 2023
Wednesday Dec 13, 2023
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,
Michelle
Next Steps:
Grab Your Freebies:
https://churchfinances.ck.page/6steps biz owners
https://churchfinances.ck.page/guide everybody
Wednesday Dec 06, 2023
Wednesday Dec 06, 2023
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 subscribers CAN still keep your desktop subscription, you just have to pay an annual fee. The days of purchasing the software and it being a "one and done" are gone.
xo,
Michelle
michelle@churchfinances.org
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?
If you’re a looking to serve your local church with excellence, check out my membership group The Bookkeepers Inner Circle @ www.bookkeepersInnerCircle.com
Schedule a Consultation:
https://churchfinances.org/consult
Wednesday Nov 29, 2023
Wednesday Nov 29, 2023
Dual tax status = EE for income tax purposes, but considered SE for FICA tax purposes
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
EE vs IC IRS link Publication 1779 download
HA is exempt from Federal Income Tax, but IS subject to SECA and has limitations on the amount that can be designated
Business expenses must be allocated between taxable and nontaxable income (calculated on the 3 Clergy worksheets on the ministers tax return)
Special rules apply to retired ministers who receive any of their retirement benefits as HA
Form 4361 explanation (filed within first 2 years of earning minister earnings of $400 or more) - NON revocable
Due to TCJA until 2025 the Misc. Itemized deduction subject to 2% AGI limitation is not allowed. However, if the minister has unreimbursed job expenses, he can subtract them from SE earnings on Worksheet 3 of the Clergy Worksheets in the minister's 1040 tax return
Gifts given to active ministers may actually be compensation for services rendered and therefore included as taxable income.
I hope this information is helpful to you.
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?
If you’re a business owner looking for help serving your clients with excellence, check out my Mastermind program The Bookkeepers Next Level @ www.bookkeepersNextLevel.com
If you’re a church staff member or volunteer looking to serve your local church with excellence, check out my membership group The Bookkeepers Inner Circle @ www.bookkeepersInnerCircle.com
Schedule a Consultation:
https://churchfinances.org/consult
Wednesday Nov 22, 2023
Wednesday Nov 22, 2023
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 Consultation:
https://churchfinances.org/consult
Join the FB Community:
www.facebook.com/groups/churchbookkeepingandclergytax
Wednesday Nov 15, 2023
Wednesday Nov 15, 2023
Check your W-4 information - make sure have all required information on all current and past 2023 EE’s and update if neededThis is also a good time to update your EE files with any new information or missing info incl. I-9’s
Beginning January 2024, the IRS has issued final regulations for filing paper return and you now have to file electronically if you have only 10 or more W-2 OR 1099’s to file.W-2’s SSA.gov/BSO = you will have to create a new login through either ID.Me or Login.gov
I use track1099 to file my 1099 forms Can either email or print and mail to contractors
Make a list of all your contractors and make sure you have the info needed
If you're ready to get serious about learning church finances, you can join the Bookkeepers Inner Circle which is my paid private coaching community for all things church finances where you will have access to me each month for a LIVE Q & A session along with monthly training videos. To check it out go to, www.bookkeepersinnercircle.com and join today!
xo,
Michelle
Next Steps:
Grab Your Freebies:
https://churchfinances.ck.page/6steps biz owners
https://churchfinances.ck.page/guide everybody
Schedule a Consultation:
https://churchfinances.org/consult
Join the FB Community:
www.facebook.com/groups/churchbookkeepingandclergytax
Wednesday Nov 08, 2023
Wednesday Nov 08, 2023
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:
https://churchfinances.ck.page/6steps biz owners
https://churchfinances.ck.page/guide everybody
Schedule a Consultation:
https://churchfinances.org/consult
Join the FB Community:
www.facebook.com/groups/churchbookkeepingandclergytax
Wednesday Nov 01, 2023
Wednesday Nov 01, 2023
In todays episode I walk you through three reasons why generally all love offerings to staff members are considered taxable income by the IRS.
It can be frustrating, but the IRS is clear that "income from whatever source derived" is taxable.
Take a listen to see what else the IRS has to say on the topic.
As always, thanks for taking time to listen. I truly appreciate it!
xo,
Michelle
Next Steps:
Grab Your Freebies:
https://churchfinances.ck.page/6steps biz owners
https://churchfinances.ck.page/guide everybody
Schedule a Consultation:
https://churchfinances.org/consult
Join the FB Community:
www.facebook.com/groups/churchbookkeepingandclergytax
Thursday Oct 26, 2023
Thursday Oct 26, 2023
Wahoo! We are back in podcast land and I am SO happy! Thanks for your patience while I worked through a few obstacles.
Today we are talking about steps to help you in the budgeting process.
They are:
1. Identify & Evaluate the programs and activities most important to your church
2. Define your Church Compensation Philosophy
3. Give your best estimate of the funds you will need to accomplish your mission
As always, I thank you SO much for spending some of your valuable time with me. I look forward to talking with you again soon!
xo,
Michelle
Next Steps:
Grab Your Freebies:
https://churchfinances.ck.page/6steps biz owners
https://churchfinances.ck.page/guide everybody
Schedule a Consultation:
https://churchfinances.org/consult
Join the FB Community:
www.facebook.com/groups/churchbookkeepingandclergytax
Monday Sep 04, 2023
Monday Sep 04, 2023
Knowing who qualifies for salary and who doesn't is an important process you need to know for your church. Listen to todays episode to find out who can be on salary and who can't.
xo,
Michelle
Next Steps:
Grab Your Freebies:
https://churchfinances.ck.page/6steps biz owners
https://churchfinances.ck.page/guide everybody
Schedule a Consultation:
https://churchfinances.org/consult
Join the FB Community:
www.facebook.com/groups/churchbookkeepingandclergytax