Don’t Let Taxes Change Your Kingdom Mission!

posted Jan 22, 2013, 3:55 AM by Willie T. Butler   [ updated Jan 22, 2013, 3:55 AM by Charles C. Christie,Jr. ]

Taxes are everywhere and can be incurred in almost every financial transaction.  This can affect how you budget as well as the amount you actually manage.  So, when it comes to taxes, consider the following:

 1.   Income of All Types Is Subject to Taxation

 Whether earned Income, Passive Income or Windfall Income, like Inheritance or Lottery Winnings, each are subject to federal and, in many instances, state and local income tax.  This could represent 10% - 50% of your reported income for the year.  Caution: Taxing agencies are always looking for new ways to raise revenue.

 2.   Taxes May Significantly Reduce Your Spendable Income

 Besides annual income and payroll taxes, many individuals are subject to other tax types, such as Property Taxes, Excise Taxes, and of course, general taxes on most consumer purchases.   Combined, these can contribute significantly more to your overall tax obligation, leaving as little as 40% for spending.

 3.   Taxes (and Spending Priorities) Can Adversely Affect Giving

 The Barna Group research studies conducted in 2009-2011 show that regular donations to religious organizations, like churches, has been declining by a rate of about 3% annually.  No doubt many who give less today attribute their decision to the effects of the economy, job losses, and other spending related causes.  Few, however, consider their spending priorities as affecting their decision.

 Even though a recession-based economy affects many, the decision to give should be predicated on more than budgetary priorities.  The Kingdom Life Approach to Glad-Giving can provide you with a different way to understand God’s purpose and our commitment to give, save prudently and spend appropriately, no matter how the economy is doing.   LPI can also introduce you to a financial concept we use described as I+P=V.  It will help you plan and apply Kingdom Principles for Giving with tremendous joy!   Ask us about it.