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Health care tax credit may help your bottom line
Did you know your church might qualify for a significant health care tax credit designed to make it more affordable for small employers to offer health coverage to their employees?
For tax years 2010 through 2013, churches and other tax-exempt entities may be eligible for a credit of up to 25% for health insurance premiums they payed to cover their employees.
Your church qualifies if you:
- Have fewer than 25 full-time equivalent employees for the tax year; and
- Pay average annual wages of less than $50,000 (excluding priest salaries); and
- Pay at least 50% of the premiums for qualifying employee health insurance.
Learn more about it Check out this ECF Vital Practices story. The methodists have a good description here of what to do for 2010-2013 and what will change in 2014. You can also check out the IRS Q&A on the topic
But hurry: May 15 is the deadline to submit Form 990-T to receive the tax credit for 2013.
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~Save the Date! Treasurer's Day is March 15th 2014~
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'Tis the season for Tax Forms
You've closed your books on 2013 and now you're moving on to the required forms. Fortunately, there are plenty of resources to help.
Faith and Money:
Tax Reminders
Four helpful reminders from the North Carolina Conference of the United Methodist Church.
Tax Information for Churches and Religious Organizations
Easy access to all the required IRS forms.
Publication 1828
A handy PDF guide from the IRS.
Still have questions?
Need more assistance?
That's what the Bishop's staff is here for. Contact Director of Finance Joan DeCelles for help with this and other questions.
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Did you know you could save?
Switching from oil to gas saves up to 50% on heating costs.
St. Paul's in Pawtucket converted & learned it could be done for less than $25,000 -- which they will recoup in just one year.
You can buy oil at 15 to 30% off through People's Power and Light.
You can also contract for green electricity from renewable wind and solar sources. Learn more.
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Digital giving
It's one thing to hear that online giving can help your church. It's another to see exactly how.
For a dramatic picture of why -- and how -- to implement online giving, check out the stats in this cool infographic from Network for Good. Need help with the terminology? A branded giving page is a secure donation page that matches and is integrated with your website even if it's run by a service like paypal. The key is for donors to feel secure, to feel they're giving to you without leaving your site.
Run the numbers and see what impact digital giving can have for you!
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