Are you an American missionary living and working overseas? If so, you may be able eligible for the foreign earned income credit on your federal income tax. You may qualify to exclude up to $91,400 of your foreign earnings. You will need to satisfy either the bona fide resident test (a full tax year abroad) or the physical presence test (330 days abroad within 12 months) to qualify. See the flow chart below to learn more.
If you rely on a family member of friend to file your federal income tax, you need to complete a form 2848. This form expresses to the IRS that you wish for the person named to sign your tax return and represent you in any communication with the IRS.
Do you need a quick guide to non-profit financial management? If you are a ministry leader without a financial background and are looking for help to establish a bookkeeping system and financial policies, take a look at this article from CIVICUS. CIVICUS has prepared several handy articles called toolkits and this one is titled Financial Control and AccountabilityIt is also available in Spanish. See this page for more toolkits.
Other CIVICUS Toolkits:
- Writing Effectively & Powerfully (Word) (PDF)
- Writings Within Your Organisation (Word) (PDF)
- Producing Your Own Media (Word) (PDF)
- Handling the Media (Word) (PDF)
- Promoting Your Organisation (Word) (PDF)
- Planning Overview (Word) (PDF)
- Action planning (Word) (PDF)
- Monitoring and Evaluation (Word) (PDF)
- Strategic Planning (Word) (PDF)
- Developing a Financing Strategy (Word) (PDF)
- Financial Controls and Accountability (Word) (PDF) (Spanish)
- Writing a Funding Proposal (Word) (PDF)
- Budgeting (in two parts): Part 1 (Word) (PDF)
and Part 2 (Word) (PDF)
- Internal Communication Toolkit (Word) (PDF)
Does PayPal limit the amount of money an individual can transfer? Yes, transactions are limited to USD $10,000. In addition, monthly withdrawals are limited to $500. This can be removed by authenticating your identity.
- Log in to your PayPal account.
- Click the View Limits link next to your balance information.
- Click the Lift This Limit link.
- Complete the steps on the To Do list to lift your Withdrawal Limit.
How much does PayPal charge to send funds from the US to Kenya, you might ask. PayPal, the online money transfer service, charges two fees. First, they access a fee on funds withdrawn to a to non-US account. Second, they access another fee on funds received in different currencies. See the fees for each country on the pages linked below.
Can I send money to a co-worker’s local account in Portugal via PayPal? How can I use PayPal if I only have a bank account in Tanzania? PayPal works in different ways in different countries. While you may also withdraw to a US bank accounts, you may also withdraw to non-US bank accounts in certain countries. View a list here