Feb
2/10
2

Church & Non-Profit Explained (Part 3)

in Accounting, Church Taxes

Federal Taxes fall into two categories: Federal Income Tax Federal Unemployment Tax Federal Income Tax As discussed in the previous section, churches that operate according to IRS 501(c)(3) guidelines are exempt from federal income taxes. As such, "net income" disclosed on the church's "Profit & Loss Statement" is not subject to federal tax. These churches are referred... 

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Feb
2/6
2

Church & Non-Profit Explained (Part 2)

in Accounting, Church Taxes

EIN stands for Employee Identification Number. Applying for an EIN will be your first step in forming your church. You will need to complete IRS Form SS-4, which is the Application for an Employer Identification Number. You can apply online by going to www.federaltaxid.us. Within five minutes, the IRS will send you an acknowledgment of your application via email. Within several... 

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Feb
2/4
4

Church & Non-Profit explained (Part 1)

in Accounting, Church Taxes

Over the next few posts, we will be discussing some common questions regarding church and non-profit taxes. This should serve as a guide in understanding tax terminology and making sense of the IRS, Federal tax, State Tax, Incorporation, etc. Terminology: "Non-Profit" / "Tax-Exempt" / "501(c)(3)" / Etc. "Non-profit", "tax-exempt", "501(c)(3)" and "charitable organization" are... 

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