Faith and Finances
For many Americans, the income tax season is perhaps one of the most stressful times. Moreover, combined with the ever changing tax rules, regulations, and guidelines; and heightened scrutiny by the Internal Revenue Service on the income tax industry, tax season has evolved to be one of the most dreaded times of the year. However, this already stressful time does not have to be as intimidating as most taxpayers believe it to be. Having the confidence and security in knowing that you have a qualified and competent tax preparer to assist you can definitely alleviate the stress that accompanies the tax preparation process. Here are a few tips to assist you in choosing a qualified tax preparer. Read more inside...
Churches and religious organizations, like many other charitable organizations, qualify for exemption from federal income taxunder IRC section 501c3 and are generally eligible to receive tax-deductible contributions. To qualify for tax-exempt status, such an organization must meet the certain specific requirements. These requirements generally outline the specific purposes for which the organization has been organized and operated. Many religious groups seeking exemption from federal income taxesunder section 501c3 are in fact organized and operated for religious purposes, but are unsure as to whether they should be classified as a church or as another religious organization, such as a faith-based ministry. Find out more inside...