Details on Parsonage and Clergy Taxes

Working for religious institutions is a service to God but to protect the interests of the ministers and rabbi, it is good to have financial information provided by the state. Most clergy including cantors, rabbi, priests and religious officers working in religious institutions have the right to get a waiver on some portion of the income. Usually home rent, furnishing and maintenance of the home are excluded from income tax and this is termed as Parsonage.

Due to the special tax waiver that is enjoyed by the clergy, ministers, cantors and rabbis have a special standing in the laws dealing with taxation. They are employees of the religious institutions and thereby have income tax withholding and a W-2. But for all purposes of Medicare and Social Security, they are considered to be self employed. This is a unique position and on being deemed as self employed, the clergy has to pay double taxes.

Sometimes the clergy, rabbi and cantor are not provided accommodation by the religious institutions they are affiliated with. Under these circumstances, the parsonage amounts to the rent, annual upkeep of the home, furnishings and utilities. Some of the items that are included in parsonage include insurance, rent, remodeling expenses, furnishings, repairs, pots and pans, audio and video devices, computers, linen, cleaning supplies, electrical appliances and lawn movers. But if the church or religious institution is providing accommodation, then the Parsonage is calculated as the market value of the home, yard, furnishings and other utilities. However, parsonage is not unlimited. The clergy is entitled to the lesser of these evaluations:

* The real amount spent on the home, furnishings and other utilities
* The fair rental value with furnishings and utilities of the house
* Or, the amount that is designated officially by the institution as parsonage

Theoretically, 100% of the minister’s salary can be deemed as parsonage but that is when limitations on the parsonage are being maintained. In case, couples are deemed dual ministers and are active members of their institutions, the parsonage is combined and cannot exceed the limitation. Sometimes, a minister or a rabbi holds multiple positions in many institutions that allow him for a parsonage but as per the rules, there is no double counting and the total parsonage that is awarded cannot go beyond the limitation.

However contrary to popular belief, parsonage is not an automatic perk but has to be awarded by the religious institution or the employing organization usually houses of worship such as the churches and synagogues are automatically granted tax exemption status by IRS even if they are not registered charities. The minister should ensure that the organization is validated to award parsonage and should ensure that once the parsonage is awarded, it is noted down officially in the minutes of the board or in the institutions records. This helps in any event of an audit. It is best to reevaluate the parsonage annually. If you are looking for more information on Clergy taxes, it is best to seek an advice of a CPA who deals in clergy taxes.

Restaurant Supply Stores Sell Equipment At Wholesale Prices

There is a great deal of preparation involved in opening a new business. All of the furnishings and decorations must be in place. The necessary equipment must be purchased. Then, there is the matter of the good or service that you hope to offer customers. If the business in question is going to be a place to dine, you must have your chefs ready to prepare food quickly and expertly. All of the cookware and kitchen utensils you will need for this undertaking can be purchased at a local restaurant supply store.

Having a reliable restaurant supply outfit is critically important. This is the business that you will rely on if you need take-out containers, napkins, straws, and many other disposable products. Imagine how many of these items a bustling bistro might go through in just a few days. That is why the business owner and his or her general manager will need to establish a friendly, but professional rapport with the representative that handles all of your orders for such things.

These items can be delivered daily or as often as you request. Plus, the right restaurant supply company should be able to accommodate special requests. For instance, suppose your eatery is planning on being part of an outdoor festival. You will need a surplus of cups, plates, cutlery, and other containers for diners on the go. You might also need some special equipment for cooking outdoors. If you let your suppliers know of your plans well ahead of time, you will be fully prepared to handle all the demands of festival goers and customers that need food orders to be packaged and delivered.

If you plan to offer catering services, you might need other items that are unique to the type of event you will be handling. These items may include chafing dishes, serving spoons, platters, and various dishes that you can reserve for such purposes. Consult with your contacts at the restaurant supply company you use at your storefront. These people will be able to help you figure out exactly what you might need in order to provide meals for parties at various venues.

Now that you are aware of just some of the things a restaurant supply business can do for you, it is time to find one that has a solid reputation in your area. Hire a company that is local. If you do, you are sure to get more personalized attention from your account representative. Then, you will be all set to open your eatery and serve hundreds of patrons on a daily basis.