Income Tax Results Made You Sick? It's Time for a Checkup.

Back when you started your job, you likely filled out a Form W-4. Since then, life has changed—possibly with a marriage, a new child, or a raise. Now that income tax filing season is over, did you end up owing taxes, when you expected a refund? Or perhaps you experienced month-to-month budgeting issues, because too much was being withheld from your wages.

Fixes for Future Tax Shock

Too much or too little in tax withholdings may cause headaches down the line, so it’s important to know which life events can affect your tax status. Here are a few:

  • Change in marital status
  • Change to number of exemptions
  • Change in benefits
  • Added or left a job
  • Moved to a different county or state
  • Qualified for tax exemption based upon pay
  • Became or will become a student
  • Used a non-accountable plan for business expenses
  • Collected disability
  • Earned non-wage income, such as dividends, alimony, or interest
  • Reclassified from independent contractor to employee

As an added measure, look at your year-to-date pay statement, and conduct an income tax withholding status check. The IRS Withholding Calculator can help determine if you are on track. If not, a mid-year adjustment can be made.

Clergy can benefit from a withholdings review, too. A mid-year check can help keep a minister’s estimated taxes and housing expenses on track. The IRS Calculator contains instructions for self-employed workers, like some ministers, who make quarterly tax payments.

A New Form W-4 is Required

If you want to make changes to your withholdings or estimated tax payments, you must file a new Form W-4 with your payroll administrator. A “verbal” notice of change, or an email, will not work.

September 7, 2023
Increasing Donor Trust
Increasing Donor Trust

The ability to inspire others to give is a blessing. Because fundraising can be both exciting and challenging, there are some important details to consider that can help your donors, and organization, have a smooth and successful experience.

Tags: ministry, insurance, donor
July 31, 2023
What to Know About Loaning Your Ministry Vehicle
What to Know About Loaning Your Ministry Vehicle

Has your church or school ever been asked to loan or rent one of your vans or buses to another ministry? Rather than running the risk of loaning or renting your own vehicle, you could consider aiding them financially in renting or chartering a vehicle from a rental agency.

Tags: ministry, insurance, car insurance, renting, safety, travel
May 10, 2023
Save Money With One Change
Save Money With One Change

A periodic review of your insurance policy is a good way to make sure your ministry is protected for its most current needs, but it also may offer the opportunity to find some significant savings.

Tags: ministry, insurance, protection, high deductible
March 14, 2023
Responding to Mission Issues
Responding to Mission Issues

Having insurance coverage specifically designed for long-term international missions helps protect your people and organization from the financial impact caused by injuries, lawsuits, property damage, and more.

Tags: ministry, insurance, risk, protection, volunteer, mission travel, kidnapping
January 30, 2023
Brotherhood Mutual Foundation Kingdom Advancing Grant
Brotherhood Mutual Foundation Kingdom Advancing Grant

It’s a new year! Having the right policies in place can help you better achieve your mission in 2023.

January 6, 2023
Better Achieve Your Mission in 2023
Better Achieve Your Mission in 2023

It’s a new year! Having the right policies in place can help you better achieve your mission in 2023.

Tags: church payroll, finance, IRS regulations, paying employees, tax code
November 10, 2022
Evaluate Your Ministry's Fire Safety Plan
Evaluate Your Ministry's Fire Safety Plan

With the holiday season right around the corner, it’s wise for ministries to evaluate their fire safety plan. Whether your ministry is hosting a holiday party, prepping treats for charity, or running a community kitchen, make sure you’re well-prepared with these tips.

Tags: ministry, protection, insurance, volunteer safety, fire safety, property, emergency
September 22, 2022
School is Back in Session
School is Back in Session

As school is back in session, it’s important to make sure your school is equipped with the correct safety procedures. Thinking about your school’s physical security as a series of layers can help you find gaps in your plan. Transportation and volunteers are just two important aspects of your school safety plan to think about.

Tags: ministry, protection, insurance, liability, child protection, volunteer safety
July 18, 2022
Shepherding Ministries in a Time of Change
Shepherding Ministries in a Time of Change

Anyone who turns on the news, flips through a magazine, or browses the web can see that American society and culture are experiencing rapid transitions. Some ministries have valid concerns that issues surrounding societal shifts may expose them to negative publicity, governmental scrutiny, or litigation.

The questions become: when and how can ministries operate within their deeply held religious beliefs when they may conflict with others’ rights?

Tags: ministry, protection, religious freedom, insurance, liability
May 20, 2022
Five Common Tricks of Cyber Scammers
Five Common Tricks of Cyber Scammers

Cyber security is increasingly crucial in our technologically advanced world. Scammers use many schemes when attempting to steal your data, but you can outsmart them by understanding their methods.

Tags: ministry, cyber security, technology, data, protection
July 22, 2021
Thousands in Relief Funding Available to Ministries Through the Employee Retention Credit
Thousands in Relief Funding Available to Ministries Through the Employee Retention Credit

Most ministry leaders don’t realize there is funding available to non-profit employers including churches, schools, colleges, and camps. This post includes some highlights about the credit and guidance on where to start to see if your ministry is eligible.

Tags: ERC, tax credit, payroll
June 17, 2021
Prepare Your Ministry for Another Active Hurricane Season
Prepare Your Ministry for Another Active Hurricane Season

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
March 16, 2021
Prepare for Severe Spring Storms Now
Prepare for Severe Spring Storms Now

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
Catalytic Converter Theft on the Rise: Protect Ministry Vehicles
Catalytic Converter Theft on the Rise: Protect Ministry Vehicles

Thieves are taking advantage of soaring precious metal prices. Take steps to protect your ministry’s vehicles and property.

Tags: protect, theft, vehicle
February 9, 2021
Avoid Frozen Pipes as Temperatures Plummet
Avoid Frozen Pipes as Temperatures Plummet

As temperatures plummet, the risk of freezing pipes jumps. Frozen pipes can cause costly messes that could also put your ministry on hold while you clean up.

Tags: frozen, building, pipes, prevent damage
October 28, 2020
Guidance for Ministries About Boy Scouts' Bankruptcy
Guidance for Ministries About Boy Scouts' Bankruptcy

A mid-November deadline in the Boy Scouts of America’s (BSA) bankruptcy proceedings may have you wondering what the organization’s bankruptcy filing means for your ministry if you ever hosted or chartered Boy Scout Troops.

Tags: coverage, protect, liability, damages, youth
October 1, 2020
Applying for PPP Loan Forgiveness
Applying for PPP Loan Forgiveness

Organizations that obtained Paycheck Protection Program (PPP) funding through the CARES Act can have their loans forgiven, turning them into grants. To qualify, each borrower must file a forgiveness application with its PPP lender, proving that it followed the rules. If your church, school, college, or camp meets all the criteria, 100% of its loan can be forgiven.

March 30, 2020
CARES Act: Churches Need to Apply Now
UPDATED: CARES Act: Churches Need to Apply Now

Learn about the CARES Act and two loans for which ministries may be eligible, since Congress authorized additional funding April 23. 

March 6, 2020
Coronavirus and Your Ministry: Tips for Prevention
Coronavirus and Your Ministry: Tips for Prevention

As concern over the dangers associated with the spread of a new coronavirus, COVID-19, spreads, our agency and Brotherhood Mutual want to keep you informed and provide best practices for managing the spread of this and similar illnesses at your ministry.

January 29, 2020
Hosting a Game Day Bash? Brush Up on Copyright Basics
Hosting a Game Day Bash? Brush Up on Copyright Basics

The first Sunday in February is a big day for sports fans. In fact, many Americans view Super Bowl Sunday as a national holiday. Friends and families will gather this year to watch the big game, enjoy delicious snacks, and of course, critique the commercials that go along with game day.