![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
|||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multiply Your BlessingsAfter our 2007 financial debt reduction $100,000 Challenge was surpassed by $6,265 (resulting in a savings of over $200,000 in interest on the church mortgage, we give thanks to the Lord!), we knew we had to aim high for a financial goal for 2008. This past January, Cicero Christian Church set an ambitious financial target to raise $200,000 through the 50/50 Challenge.
Fifty percent of the funds designated to this year’s goal will be used to pay down the principal on the church mortgage debt, and fifty percent will be given to property improvement projects. This target requires each of us to take a big leap of faith as we prayerfully consider our gift above the tithe.
As of December 31, 2008, $51,037 has been given to the 50/50 Challenge. We'll continue this program into 2009.
As part of this goal, our congregation was challenged to give from their annual tax refund. Isn’t it remarkable how God has provided ample opportunity to help us with this challenge! Unprecedented property tax adjustment payments were announced and quickly received by many. Then in February, Congress enacted an economic stimulus package as part of efforts to help provide a boost to the nation’s economy.
Many of you may have wondered if our minister and church leadership have some kind of direct line to the State House or the White House to challenge us to really think about this 50/50 Challenge! (They wish!). One of the key features of the economic stimulus legislation is a rebate for millions of Americans that is now being distributed.
While some recipients will use their rebate to pay bills, others may decide to make a special purchase or add these funds to their savings for use in the future. Press reports have noted that millions more plan to share all or a portion of their rebate with others through charitable gifts.
Considering that the stimulus payments began in May and are distributed according to the last two digits of a social security number, you may have already experienced a check in the mail or deposited. Over 90% of taxpayers will receive a rebate. Filing a 2007 tax return is required to receive any rebate to which you are entitled.
The rebates will generally range from $300-$600 per person. Those with dependent children can receive an additional $300 per child. A couple with three dependent children could receive a check for up to $2,100 ($1,200 for the couple and $300 per child). If income is above certain levels, the rebate may be reduced or eliminated.
If you are among those who choose to use all or a portion of their rebate to charitable interests, such as the 50/50 Challenge, you may be able to do so on a tax favored basis. Contraty to what you may have heard, the amount of your economic stimuls payment is not taxable income.
Not only that, but when you itemize deductions on your 2008 tax return, you will be entitled to a tax deduction for the amount of your charitable gift. You then, in effect, may enjoy another "rebate" as your deduction provides you with tax savings of up to 25% or more of the amount given.
As when Jesus fed a multitude with only five loaves of bread and two small fish, we are reminded that God takes our gift, no matter how large or small, and multiplies the impact.
Your tax rebate could be your loaves of bread and fish to give to the Lord’s work. Giving all or a portion of your rebate in this way will eventually have an impact several times the amount of your gift.
If you are among those who might otherwise invest their rebate for the future, please prayerfully consider sharing all or part of it through an investment in ministry to others.
The purpose of this article is to make you think and pray about the 50/50 Tax Rebate Challenge and provide general information about the economic stimulus payments. It is not intended as legal, accounting, or other professional advice.
A wealth of information about the economic stimulus payments is available at www.irs.gov, or you may choose contact a financial professional.Three Church GoalsInvolveHave 80% of our congregation in pursuing community through Home Fellowships and Community Gatherings Create and atmosphere of Passion Desire, Excitement and Anticipation of God IncreaseExpand outreach and evangelism Implement at least 12 KIP (Kindness in Progress) events in 2007 Provide at least three evangelism training opportunities DecreaseReduce our mortgage principal by an additional $100,000 in 2007. |
|
|||||||||
+ $36,485 |
+ $335 |
$1,520 |
|||
+ $6,055 |
+ $350 |
$535 |
|||
+ $2,710 |
+ $370 |
$1,515 |
|||
+ $1,785 |
+ $455 |
$1,227 |
|||
+ $1,585 |
+ $200 |
$998 |
|||
+ $1,339 |
+ $260 |
$310 |
|||
+ $1,254 |
+ $526 |
$10,580 |
|||
+ $1,820 |
+ $330 |
$275 |
|||
+ $1,780 |
+ $755 |
$535 |
|||
+ $730 |
+ $1,200 |
$2,378 |
|||
+ $735 |
+ $850 |
$240 |
|||
+ $710 |
+ $250 |
$8,700 |
|||
+ $1,065 |
+ $333 |
$1,407 |
|||
+ $370 |
+ $5,564 |
||||
+ $550 |
+ $2,545 |
$103,315 |
|||
