QuickBooks for Churches

Bookkeeping for churches can be quite different than for-profit businesses, and the other guides available cover either QuickBooks or church accounting, not both.  Lisa London, The Accountant Beside You, walks you through QuickBooks for your church from start to finish, always with examples, terminology, and understanding of what a busy church administrator needs to know in…

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Deduct It! – Ministers Deductions

A minister who is classified as an employee may claim his or her unreimbursed expenses only as a miscellaneous itemized deduction on Form 1040 Schedule A. These expenses are deductible only if, and to the extent, they and any other miscellaneous itemized deductions exceed 2% of the minister’s adjusted gross income (AGI).   A few common…

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Long-term disability: Pre-tax or after-tax?

Long-term disability (LTD) insurance provides you with income if you become disabled and are unable to work. Although your church may pay the full premium for this coverage, you can choose whether the premium is deducted from your pay before or after taxes.  Important tax considerations are as follows: If you choose to pay for…

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Are You Eligible to Make Extra 403(B) Contributions?

The IRS just announced their pension plan contribution limits for 2018. The contribution limit for 403(b)s has been increased by $500 to $18,500. IRA contribution limits have not changed in half a decade and will be $5,500 once again. If you’re over 50, you are eligible to make catch-up contributions. You can put an additional…

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Health Reimbursement Arrangement for Churches

A QSEHRA allows small churches who do not offer group health insurance to their employees to provide money to employees on a tax-free basis; the money can be used to pay for individual health insurance policies and to reimburse employees for certain medical expenses. To offer a QSEHRA, a small church must have fewer than…

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Clergy Tax Deductions

You may be able to reduce your taxes by deducting unreimbursed, ministry-related expenses. These expenses may be claimed as miscellaneous Itemized Deductions on Schedule A. You should keep your expenses separated by those associated with your wages and those associated with your self-employment income, and you should keep receipts to substantiate these expenses. The following…

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