The Internal Revenue Service issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on...
continue readingIs your church or ministry issuing IRS compliant contribution statements? Imagine what would happen if your pastor’s tax return or a member’s tax return was audited and the IRS requested...
continue readingDoes your church or ministry use a business credit card? If you’re the bookkeeper and your ministry is using a debit card or credit card, I know you have your...
continue readingLenders use a formula called the Debt Coverage Ratio to determine whether a ministry’s debt is reasonable or too high. The Debt Coverage Ratio compares the borrower’s annual net income...
continue readingOMG! I’ve seen this one too many times. Here’s the scenario. The pastor or other board member receives all the monthly bank statements and credit card statements. They look over...
continue readingRemember to keep personal finances separate from the church/ministry. Otherwise it will catch up with you some day.
continue readingDid your church/ministry board approve your last pay raise? Or those paychecks you’ve been writing to yourself? Uh Oh!
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