April is Triple Tax-Deadline Month for Many Ministries

For many ministries and their employees, April is a triple tax-deadline month. Does your ministry have the following dates circled on its calendar?

April 18

Form 1040-ES: Estimated Tax for Individuals. If your pastor makes quarterly estimated tax payments instead of voluntary withholding, the first filing and payment is due by April 18, 2016, using Form 1040-ES. It’s important to note that the church does not make these payments for the pastor. The Electronic Federal Tax Payment System (EFTPS) is the easiest way to pay federal taxes for individuals, and includes options for federal tax deposits, installment agreements, and estimated tax payments. Pastors can also access payment history using EFTPS.

The remaining individual quarterly tax payments are due June 15, September 15, and January 17, 2017.

Form 1040: Individual Income Tax Return. For most pastors and ministry staff, April 18, 2016, is tax day. Whether your pastor reports income taxes as an employee or self-employed, filing a Form 1040 is required. Pastors who have requested, and have received, an exemption from Social Security are not exempt from paying federal income taxes.

April 30

Form 941: Employer’s Quarterly Federal Tax Return. Ministries that withhold income taxes, Social Security or Medicare tax from employee’s paychecks, or must pay the employer’s portion, will file Form 941 by this date. A separate Form 941 is required at the end of each quarter: July 31 and October 31, 2016, and January 31, 2017.

Form 941 does not apply to all. Some ministries may have received IRS permission to file annually by using Form 944. This form reduces the burden on small employers by allowing them to file one return per year. To see if your ministry qualifies, click here.

 

November 10, 2022
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Tags: ministry, insurance, volunteers, emergency, fire safety
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School is Back in Session
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Tags: ministry, protection, insurance, volunteers, child safety, transportation
July 15, 2022
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Tags: ministry, protection, religious freedom, insurance
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Tags: ministry, cyber security, technology, data, protection
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Tags: ministry, peacemaking, conflict, church, mediation, safety
January 25, 2022
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Tags: theft, protection, cyber security, ministry
July 22, 2021
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Tags: ERC, payroll, tax credit
June 17, 2021
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The Atlantic hurricane season officially started June 1, and weather experts say this season is likely to produce above-normal activity. Take action to prepare your ministry to withstand a hurricane now, so you’re not scrambling when a watch or warning is posted.

Tags: hurricane, weather, weather emergency, safety, damage, prevent damage, protect
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Tags: severe weather, property, property damage, hail
May 10, 2021
Hail Damage: Prepare and Lessen Potential Impact
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While we can’t change the weather in Texas, there are things your ministry can do to help lessen the damage hail leaves behind. Brotherhood Mutual Insurance Company offers some things to consider. 

Tags: severe weather, property, property damage, hail
March 16, 2021
Prepare for Severe Spring Storms Now
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When severe storms strike, they can produce high winds and tornadoes. Damaging winds can wreak havoc on your ministry’s property and to buildings. A high wind event can crash debris through your windows, strip your siding, down trees on your parking lot, peel shingles off your roof, and fling back the flashing.

Tags: weather emergency, lightning, storms, safety, protect
February 25, 2021
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Tags: protect, theft, vehicle
February 5, 2021
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Tags: frozen, building, pipes, prevent damage
November 23, 2020
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Tags: COVID-19, health, health safety, protect, coronavirus, Christmas, risk management
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Tags: coverage, protect, liability, damages, youth
October 1, 2020
Applying for PPP Loan Forgiveness
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August 21, 2020
Protect Your Ministry from Tropical Storm Damage
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We’re right in the middle of hurricane season in Texas and Tropical Depression Fourteen is strengthening in the Gulf and expected to make landfall early next week. These storms bring high winds and flooding that can easily damage your ministry’s property. Take steps to prepare for this and other tropical storm threats. 

Tags: severe weather, tropical storm, hurricane, property, property damage
March 31, 2020
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March 6, 2020
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