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The Free Methodist Foundation supports the ministry of The Free Methodist Church — USA by providing a variety of stewardship services to Free Methodist ministries and families. These services include estate and gift planning. Our team of Christian professionals would love to speak with you and learn about your passion for your family and your favorite Free Methodist ministry — your local church or annual conference, one of our Free Methodist human service ministries, world missions and childcare, one of our educational institutions, or any other of our various ministries! We would consider it a privilege to explore creative and tax-wise ways you can provide funds for your family and these ministries during your lifetime and beyond. We firmly believe estate and gift planning can benefit everyone, whether you consider yourself poor or rich or somewhere in between. You may not think you have much, but by following God's lead with a willing heart, your gift may be just what a loved one or a ministry needs.
Thursday May 24, 2018
IRS Highlights National Small Business Week
In IR-2018-109, the Service highlighted various resources that may benefit small business owners. These include online tax help, protection against identity theft and the home office deduction.
- Online Services - The IRS website offers multiple options for small business owners. The "Sharing Economy Tax Center" and a video on the Service's YouTube channel titled "Your Taxes in a Sharing Economy" answer various tax questions. The sharing economy includes ride sharing, home rentals, reselling and similar businesses. A common challenge for small business owners is withholding. The number of taxpayers who paid under-withholding penalties increased from 7.2 million in 2010 to 10 million in 2015. The IRS "Pay As You Go" page explains withholding and quarterly estimated tax payments. Finally, the "Small Business and Self-Employed Tax Center" has a variety of tools to help taxpayers avoid an IRS audit.
- Avoiding Identity Theft - A small business owner is an attractive target for identity thieves. They may steal Employer Identification Numbers (EIN) and create fake Forms W-2 to file and claim fraudulent refunds. A helpful guide for small business owners is "Small Business Information Security: The Fundamentals." It is published by the U.S. Commerce Department.
- Home Office Deductions - Many small business owners have an office in their home. The home office deduction is only available if the home office is the owner's only fixed business location. The regular home office method permits deductions of direct business expenses and allocation of indirect home expenses between business and personal use. The simplified method deducts $5 per square foot up to 300 square feet. Daycare providers must use a special calculation method. The typical deductible expenses for a home office include the pro rated business portion of real estate taxes, mortgage interest, utilities, depreciation, maintenance and repairs.
Published May 4, 2018
IRS Offers Post Tax-Filing Deadline Tips
April 19 is Tax Freedom Day
Ten Ways to Reduce Tax Return Errors
No-Cost Tax Help for Most Americans
Tax Time Guide for IRS.gov