Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for February. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.
Tax Time Reminders
Tax season is once again upon us! Following are several reminders for our missionaries concerning tax issues that you may face. We trust that this information will be useful to you both in giving you a better understanding of your reports and helping you to be aware of items that may affect your personal taxes. Please be sure that you are following published guidelines when listing expenses on your financial reports. Thank you!
The Affordable Care Act and Your Taxes
This is the first year that the Affordable Care Act will affect your taxes in regards to your Health Insurance coverage. If you are enrolled in the Health Insurance Marketplace, you should expect to receive a Form 1095-A from the Marketplace, which you will need to submit to your tax preparer. If you were not enrolled in the Marketplace, you may still need to discuss your Health Insurance plan with your preparer, as it is our understanding this will affect your tax return this year. Questions about this should be directed to your tax preparer.
Estimated Tax Payments
Missionaries are considered to be self-employed, and are therefore subject to self-employment taxes. Submitting quarterly estimated tax payments throughout the year will help to prevent having a large tax payment due each April. Estimated tax payments can be submitted on your own, or, if you are interested, you may contact our office for information on how we can submit them for you.
1099 Forms
If churches issued funds payable to you in excess of $600 during the year 2014, they may issue you a 1099 form. If those funds were either mailed to the office, or included on Line 2 of your MFR as extra income, they are already included in the total of your W-2. Our office can assist you in verifying if the funds were included on your W-2. Your tax preparer can assist you on your return in recording this so that you are not taxed twice on the same income.
Foreign Tax Exclusion
In order to claim the foreign tax exclusion, you must be out of the US for 330 days over a 12 month period of time; however, these days do not have to be in the same calendar year. In order to gain the full benefit of the foreign tax exclusion, your tax preparer may be able to revise your returns based on the actual time you have spent overseas. Because of this, it is vital to provide your tax preparer with all of your travel dates to and from the US. You may also wish to discuss with your tax preparer what dates would be the best travel dates when planning to leave for the field or return on furlough, as this could affect how much you are allowed to claim under the foreign tax exclusion.
Ministry Bank Accounts
If your ministry has been chartered and established as a non-profit organization, we recommend having your ministry get a bank account in its name. Funds for purchases such as land may be able to be sent directly to your ministry, thus eliminating your personal tax liability. Please note that there are limitations to this option. Of course, regular support could never be sent this way. Please contact our office for more information.
Tax Paperwork for those with Foreign Bank Accounts
US Treasury Dept. regulations require that if you have any foreign bank accounts, and if the sum total of all of your foreign accounts has ever been $10,000 at any given time during the past year, you must complete the IRS Form TD-F90-22.1, and give it to your tax preparer. This form, and further information about it, is available on the IRS website at www.irs.gov. It is our understanding that there have been several changes to these requirements in recent years, and you may also need to complete the new Form 8938. Please refer to the IRS website and your tax preparer if you have any questions.
The True Cost of Doing Your Own Taxes
Studies have shown that the average person who uses a tax professional, instead of filing their own taxes, receives a much greater tax return. When comparing the returns of those who self file vs. those who use a tax professional, it is estimated that a self-filer loses between $297 and $791 in missed refunds. The savings far exceed the amount spent to hire a professional. (Statistics taken from daveramsey.com.) We strongly recommend that all missionaries use a certified tax preparer who is familiar with special tax situations that affect missionaries. Contact the Office for a listing of tax preparers used by other missionaries.
From the Memo Board: February 2015
Upcoming Dates
March 1
January financial reports will be due. We will be sending out the 2015 Excel spreadsheet soon. however, you are welcome to submit reports on the 2014 spreadsheet if you wish to turn yours in sooner.
March 2
Adjusted pay date for those who usually receive funds on the 29th.
March 30
Adjusted pay date for those who usually receive funds on the 29th.
June 15-18
Family Fellowship Week in Greensboro, NC
New Equipment Information
Our Office maintains a database of depreciable equipment purchased by missionaries and included as an expense on their monthly financial reports. Our CPA has informed us that we no longer need to track purchases that are less than $500. Starting with January 2015 financial reports, please use Line 15 of the report to record depreciable equipment of $500 or more. Less expensive equipment can continue to be listed on Line 17 of the report. Thank you for your help with this!
Life Insurance
Did you know that most life insurance companies can automatically deny applicants who intend to move outside of the United States? However, most cannot drop you for foreign travel if you have had a policy in place for at least 2 years. Therefore, we encourage all missionaries to obtain a life insurance policy as soon as possible while you are on deputation, so that you will have one in place before leaving for the field.
From Our President: February 2015
“For our gospel came not unto you in word only, but also in power, and in the Holy Ghost, and in much assurance; as ye know what manner of men we were among you for your sake. And ye became followers of us, and of the Lord, having received the word in much affliction, with joy of the Holy Ghost:” 1 Thessalonians 1:5-6
The gospel came to Thessalonica when Paul on his second missionary journey was led of the Lord to take the gospel to regions beyond Troas. When the gospel came it was not “in word only.” It came in word, power, the Holy Ghost, and much assurance. We have been called to deliver the gospel of our Lord to every creature. However, we do a disservice to those that He has sent us to if we deliver it in “word only.” We need the power of God. This power is available to us by the ministry of the Holy Spirit as promised in Acts 1:8, “But ye shall receive power, after that the Holy Ghost is come upon you:and ye shall be witnesses unto me both in Jerusalem, and in all Judea, and in Samaria, and unto the uttermost part of the earth.” There was no doubt in Paul’s mind that he was delivering the absolute truth. These early missionaries were full of assurance concerning the eternal truth of the death, burial and resurrection of Jesus Christ.
We must exercise great caution that our ministries are not reduced to only words that are not taken forward by the ministry of the Holy Spirit through us. Our labor for the Lord deserves a professional presentation, but as Paul did not depend on his amazing training and education, neither can we lean entirely on ours. Electronic libraries make it easier than ever before for us to put together a “sermon.” Sermons can become messages when breathed on by the power of God.
Paul said, “And ye became followers of us….” It is not likely that we will have much success in bringing others to Christ if they cannot see Him in us. No man is worthy of worship, but long before we deliver the message verbally it is more than likely that they will have opportunities to see Him in our lives, “as ye know what manner of men we were among you….” Now that he had their attention he could point them toward the Lord, and they became followers of Christ. It is foolish to believe that we can convince others to follow Christ if we have not committed ourselves to do the same. We have been sent out by the Lord to do a work that can be blessed by Him. If we fail to present our faith in a Christ honoring way how difficult will it be for the servants of Christ that follow us?
It is not unusual for us to face hardships, discouragement and temptations. Let’s be vigilant to maintain a testimony before the world that will not hinder the work that we have been sent to do.
In His Service,
Danny A. Whetstone
Prayers and Dates: January 2015
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for January. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.
From the Memo Board: January 2015
January Income
During a typical month, we close out the books on the 25th, and any checks received after that date are posted to the following month. Due to receipting requirements, we cannot do this in the month of December. As a result, please be aware that the December support may be higher than normal, while your January support may be lower than normal. Please be sure to plan ahead for this.
Housing Allowances for 2015
Housing allowances previously in place have automatically rolled over to the new year. Missionaries who are ordained are eligible to have a housing allowance in place, which can provide certain tax benefits. If you did not have a housing allowance in 2014 and would like to have one for 2015, or if you have questions regarding this, please contact our office.
New Excel Template
A new Excel template for the year 2015 will be available during the first week of February. This will give us time to review the need for any possible updates. January financial reports will be due on March 1. Should you wish to complete your report before the new template is available, you are welcome to submit it on the 2014 template.
New Mileage Rate
Beginning January 1st, the IRS mileage rate has increased to $0.575 per mile for business/ministry miles. This change will be reflected on the new Excel template for 2015.
New Baby!
Elena Lisa Germano was born to Timothy and Stephanie Germano on November 29. She weighed 7 lb. 13 oz. and was 20.5″ long. The family is doing well and Elena has already been traveling on deputation! The Germanos are on deputation to go to the Dominican Republic.
New Engagement!
Nathan Fry and Hannah Joyal were engaged on Christmas Eve! Nathan will soon be returning to Pohnpei, where he will continue to assist Ruth Ann Arthurs with the radio station until the Eibens arrive and are trained. Pray for this couple as they make plans for their future together!
New Graduate!
Michael Deatrick completed his missions degree in December from Ambassador Baptist College. Now that his schooling is completed, he and his wife Nora have moved to Missouri, where they will base the remainder of their deputation. They are planning to go to the Solomon Islands.
Ministry Milestones 2014
We would like to recognize several ministry milestones that were reached during the year 2014. We are grateful for these individuals who continue to serve faithfully.
Prayer & Dates: December 2014
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for December. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.
From the Memo Board – December 2014
Upcoming Dates
December 16
Please contact us by this date if you will need funds in your account before Christmas or before the end of the year.
December 16
If PrayerLetters.com sends your first-class prayer letter, please have it to us by this date in order to meet their printing deadlines and guarantee that your letter is received by Christmas.
December 22-26
The Office will be closed in celebration of Christmas.
January 2
November financial reports will be due.
January 9
Missionaries will receive their emailed statements of December Support Received.
January 12
All Missionaries will receive their final December support on this day, regardless of the day that they normally receive support.
January 15
December financial reports will be due along with any remaining receipts or financial paperwork for 2014.
Christmas Letterhead Templates
Did you know that we have professionally designed Christmas Letterhead templates available for your use? These are available to all missionaries whether the Office assists in sending your letter or not. For more information, contact April at [email protected].
December Support
Please contact us by December 16 if you would like funds in your account before Christmas. Final December support distributions will be made on January 12th for all missionaries regardless of their regular pay date. Contacting us by December 16 will enable us to schedule your funds around bank closings and holiday hours. Should you have an emergency need after December 19, you may contact our staff at the following numbers:
- John O’Malley 704-974-6108
- Kim O’Malley 704-974-1008
January Income Totals
During a typical month, we close the books on the 25th, and any checks received after that date are posted to the following month.
Due to receipting requirements, we cannot do this in the month of December. As a result, please be aware that your December support total may be higher than normal, while your January support total may be lower than normal. Please be sure to plan ahead for this!
Retirement Accounts
WWNTBM currently offers our missionaries the option of participating in a 403(b) Retirement Plan, the non-profit version of a 401(k) plan. We encourage all of our missionaries to participate in some type of retirement planning. If you do not currently have a 403(b) account and would be interested in opening one, please contact our office for a listing of vendors and more information.
Due to IRS regulations, we are required to use a Third Party Administrator (TPA) to handle all 403(b) accounts. The administrative fee is $50.00 per year, which will be deducted from Support each January or February for those who contribute. The TPA assists us by administering our plan and keeping us in compliance with the Department of Labor and IRS codes.
Please note that loans and hardship withdrawals are no longer allowed. Regulations require that individuals inform the Office before taking any distributions of funds or making any changes to their accounts. We need to know in advance in order to avoid our own liability and to help insure that the account holder is provided with the most recent information.
Please see the file in SecureCloud for the latest information on contribution amounts and limits for 2014 and 2015.
New Missionary
Joel Smothers has recently joined our World Wide family of missionaries. Joel graduated from the Gulf Coast Bible Institute in 2013. He is a member of Trinity Baptist Church in Milton, FL, which is pastored by former World Wide Missionary Paul Woody. Joel served in Honduras on a short-term basis. His plans are now to begin deputation to go to Brazil, where he will work with Joel and Cynthia Dickens and their family.
New Staff Member
Bekah Cmaylo joined our Office Staff on November 3rd. Bekah is a recent graduate of Ambassador Baptist College, and she also works at the college part time in their financial office. She lives in Lattimore, NC and attends the Bread of Life Baptist Church in Shelby with Pastor Ed Kuykendall. Bekah is from Williamstown, NY and is the youngest of three siblings. Her brother, Emil, is married to our World Wide staff member, Laura Cmaylo. Bekah’s tasks include processing support checks. She can be reached by email at [email protected].
Prayer & Dates: November 2014
Click the link above to download a PDF of prayer requests and praises as well as the birthdays and anniversaries for November. Note: You will need to login to SecureCloud in order to view this document. Once you have logged in, click on Files Shared, then Headquarter Happenings, then scroll to the month you would like to view. This step protects people with WWNTBM in restricted access fields.