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1099, independent contractors, self employed -

You can receive free 1099-MISC forms from the IRS to send to your independent contractors. If you paid an individual who was not an employee more that $600 in 2017, you may need to file the 1099-MISC forms and the transmittal Form 1096 to the IRS by the end of January 2019. For detailed information on who is an independent contractor, check out Church Accounting-The How-To Guide for Small & Growing Churches. The forms received from the IRS are the manual type with several layers. If you have more than a dozen to send, you may prefer the computer type...

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pledges, prepaid pledges -

Are you wondering how to record the prepaid pledges donors are sending in because of the new tax reform? In this video, I'll take you through the steps to set up a prepaid pledges account that will allow the donation to reflect on the Donor Acknowledgement letter. (Please NOTE: This is designed for management reporting purposes only; specifically religious organizations who do not need to file a tax return or a 990.)  Quick Summary: Set up a new account in the Chart of Accounts called "Prepaid Pledges/Unearned Donations". It must be a Current Liability. Set up a new Item as...

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prepaid pledges, tax reform -

The changes in the new tax law have driven many donors to prepay their 2018 pledges. This short video explains how to handle them in QuickBooks Online. (Please NOTE: This is designed for management reporting purposes only; specifically religious organizations who do not need to file a tax return or a 990.) Quick Summary: Set up a new account in the Chart of Accounts called "Prepaid Pledges/Unearned Donations". It must be a Current Liability. Set up a new Product/Service as a Service called "Prepaid Pledges" and tie to the Prepaid Pledges/Unearned Donations account. Record the prepaid donation as a Sales...

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deductions, mileage rates, mileiq -

In Banish Your Bookkeeping Nightmares-The Go-To Guide for the Self Employed to Save Money, Reduce Frustration, and Satisfy the IRS, I explain the need for the self-employed to track their vehicle mileage in order to take advantage of the tax deduction for business travel (53.3 cents per mile in 2017). If you aren't self-employed, but drive for your volunteer work, you can also take a deduction for the miles (14 cents per mile in 2017).  To track your mileage, you have to keep a travel log in your car and write down the miles as you go, or you can download an...

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fraud, internal controls, press release -

 CPA Lisa London explains three ways nonprofits can reduce their risk for money thefts by volunteers and employees Raleigh, N.C.: According to the Association of Certified Fraud Examiners, nonprofits lose an average of 5-7 percent of their revenues each year to fraud and theft. Brotherhood Mutual, an insurance company specializing in serving religious institutions, says that over $39 billion was stolen from churches in 2014, surpassing the $35 billion churches spent on missionary work in the same period. Certified public accountant Lisa London, author of the globally recognized guide Using QuickBooks Online for Small Nonprofits and Churches, says the thieves...

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