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STEWARDSHIP SERVICES FOUNDATION
 21726 Placerita Canyon Road
 Santa Clarita, CA  91321
 (661) 362-2TAX (362-2829)
November 2007

stewardship@ssfoundation.net

 

 

 

 

 

 


 

 

 

 

 

 


 

                                                                       

A lot of churches do not understand how to prepare a W-2
for a minister.  Make sure your church is not withholding
social security or Medicare taxes from your payroll checks.

 

If your treasurer has questions remember that we are happy to help.  Give out our phone number and website to your  treasurer and other church staff.

 

 

                                                                                   

 

 

 

 

This has been another wonderful tax season!  We have prepared over 2,000 returns from all 50 states and more than 20 foreign countries.  It is our desire to be a blessing and it remains a joy to serve you.

 I would like to use this newsletter to leave you with several observations we made during this tax season.  Hopefully this will help us all to continue to improve in this complex area of taxes.

 

 

 

 

 

              
   Your housing allowance is limited to whatever is designated.  That is why we recommend that you over-estimate.  Many of you do not have unused housing which means that 1. You are not designating high enough OR 2. You are not adding up your housing expenses to determine how much of the designated housing you actually spend.  So…be sure your housing allowance is high enough and that you add up your expenses at the end of the year.
Pentagon:                Your housing allowance is limited to whatever is designated.  That is why we recommend that you over-estimate.  Many of you do not have unused housing which means that 1. You are not designating high enough OR 2. You are not adding up your housing expenses to determine how much of the designated housing you actually spend.  So…be sure your housing allowance is high enough and that you add up your expenses at the end of the year.

 

 

 

 

 

 

When you sell investments and receive a 1099-B at the end of the year, you need to know your basis information (what you paid for it).  Lack of knowledge of how investments work created the

James W. Rickard

    

Text Box: James W. Rickard       most delays for us this past tax season.

Advising minister’s to establish an LLC seems to be a current trend.  An LLC

is not usually the best financial arrangement for a minister.  Make sure you

get good counsel from several sources before you create an LLC.