Tuesday, February 24, 2009
Healings at FMA
Thursday, February 19, 2009
The 4-1-1 on Tax Info
I've been asked several questions regarding gifts, tax receipts and how that works. I wanted to drop you a quick note to fill you in referencing this.
First of all, if checks are made out to me, personally, I apply those directly to tuition, books, rent, groceries, gas, etc. These checks do not pass through the Business Office at IHOP and you will not receive a tax receipt for these gifts.
If you make your check payable to IHOP-KC, I receive your gifts through their payroll system which pays out every two weeks. For every gift, taxes are taken out (approximately 25% taken out) and the rest I use to apply to tuition, books, rent, groceries, gas, etc. For example, a $500 gift is approximately $375 of resource for me.
With tax season upon us, some of you will receive or have received tax receipts for your gifts. When I talked to the Business Office, they said if you have given less than $250 they don't automatically send out of a receipt, but one can certainly be provided by request.
Hopefully that helps with some (or all) of your questions. Please don't hesitate to let me know if you need further clarification. Bless you all and thank you for your continued support.