How I tithe as a business owner
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- Опубліковано 19 жов 2024
- How I tithe as a business owner
I'd love to know how you approach giving and tithing on your income as a business owner.
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YES! I have a school and I pay my tithing first and bills come after . I have learnt to honor my Lord first and walk by faith . Lord will never let us down . I am so happy to give him first . ❤
I am very consistent about paying tithing on my pay/wages, but I just took out an Owner's Draw the other day and forgot to pay tithing on it. Thanks for the reminder!
Yep! It is easy to forget. Glad this helped remind you.
Love this 🖤 Just found your channel off a Freshbooks thing I was trying to figure out but especially glad to know that when our business scales to a point where we need some more... advanced help 😂, we've got another lead to reach out to for our bookkeeping and accounting 👌🏼 God bless, Kate!
Thanks! Hey man, I do offer a pretty affordable service called office hours. You get access to me weekly on a zoom call and you can ask me anything in our private Facebook group. Let me know if you'd like to know more.
This video gained you a subscriber 🤠
Ha! Glad to hear it! Tell me more about your business ventures? You in need of any bookkeeping support? I serve clients that use Freshbooks.
Thanks for sharing your system.
My pleasure. How do you tithe? Do you have self-employment income?
@@fixyourfreshbooks I am working on it. I have been giving to charities. I do not attend a church. I participate online. I need to focus on the group that provides the services on UA-cam. I have an LLC.
I appreciate your heart to give from business earnings, or otherwise. Since there's no biblical precedent for tithing from earned, monetary income, I don't have any conviction to do so. Giving is front and center in the Christian faith and we are free to do so per our discretion, money or otherwise, and we are free to give, not bound to pay. Good luck in your business and blessings in your giving!
Yes to freedom. Legalism is a weight that we cannot bear. How do you interpret what the Bible suggests? What is your own personal target?
We have been blessed to continually increase our giving and don't regret it. It was fairly straightforward when we had reefual W-2 jobs. Having a business added some additional flavor and consideration that we got to pray for wisdom about how to handle. There are lots of ways to approach calculating it when it comes to business income.
@@fixyourfreshbooks In my experience giving is more of a heart thing than a calculation thing. 2 Corinthians 9:7 "Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver". Giving opportunities seem to show up, sometimes when you least expect them.
Yes Mark giving is a heart thing but the scripture you quoted has to do with giving generally either to the poor, or offering to church etc. But tithing is something we ought to do.
Here's a verse which Jesus spoke of tithing. Please read carefully.
“What sorrow awaits you Pharisees! For you are careful to tithe even the tiniest income from your herb gardens, but you ignore justice and the love of God. You should tithe, yes, but do not neglect the more important things.
Luke 11:42 NLT
See how the last statement says "You should tithe"
@@lilianezeli5521 Hi Lilian. Notice how that scripture is an indictment to the Pharisees. Notice also how "herb gardens" which are referred to as "Mint, dill, and cumin" in the KJV translation are specifically mentioned as tithe deliverables, not money. Mosiac Law was in effect during the life of Jesus as were the ceremonial (legal) ordinances that facilitated systematic tithing. Those ordinances are now obsolete under the New Covenant and monetary wages weren't accepted as a tithe deliverable although it's evident money was widely traded and wages were earned during those times.
I am a retired person and never have had a business of my own to run. I was told that if I was owning or running a business one of the optimal ways to tithe is to give a selected percentage of the total gross income before any deductions whatsoever. Therefore, if I was running a busy motorway/highway shop with a turnover of $600,000 each month I would tithe on the gross, $600,000, which at 1% would be $6,000 to the church; if the selected amount was 1.5% it would be $9,000 and so on. What do other viewers think? At any rate, this has the merit of simplicity. :)
The problem I see with tithing on gross sales is that it has a really different effect on people who have low margin businesses (retail) vs high margin businesses (like knowledge workers and consultants).
I feel good about my way given set up because it treated it closer to tithing on my salary when I'm had a a W-2 job.
I'm so glad you turned in. Please share the video with anyone else you know and let's get some more opinions on this!
Kate, great video. And kudos to you for being brave enough to film a video "on location."
From a mechanical perspective, I think retirement plan contributions create interesting issues in regard to tithing.
You referenced your husband's retirement contributions not being factored in, so if his gross was $5K and he put $1K into the TSP (the govt 401(k)), you tithe on $5K, not $4K. What about the back end when he withdraws the TSP to live on in retirement? If he takes $1K out of his TSP to life off of for a month in retirement, do you tithe $100? In theory, some of that money is a return of contributions upon which you have already tithed!
To use a tax term, you sort of have a "tithing basis" in retirement accounts ;-) In theory, your tithing income in retirement should be reduced for the return of contributions previously made to the retirement account and already tithed upon.
One solution is to subtract the retirement contributions from your current tithe, so in the above example you would tithe on $4K not $5K. Then in retirement you tithe on every dollar. There could be some justification for such a position considering you are not currently consuming the retirement account contributions.
Another approach is to simply ignore the issue and pray that you will be able to easily afford any excess tithing these mechanical issues might cause.
Roth accounts in retirement also create an issue -- tithing on taxable income in retirement won't be sufficient, since growth is not taxable income, but it is definitely income.
Just my $0.02. Congrats on the great video!
Thanks for the thoughtful comment!
So, my mind thought we would get some sort of statement that said what our "tithing basis" would be when we started withdrawls. I haven't seen a retirement account withdrawal tax statement, but I thought there would be some accounting for how much of our distributions were contributions and how much was growth.
If there is such a statement like that, then we could net out the contribution and only tithe in the gain part.
But I hope we can just tithe right off the gross amount of retirement money we receive. That "prayer" method you mentioned.
I definitely don't want to not tithe on gross now (to deduct by retirement contributions). The church needs a dollar today more than a dollar in the future.
And we want to keep exercising our giving muscle as much as possible and keep our lifestyle reasonable. Avoid lifestyle inflation as much as possible.
When we are old and grey and dying, we plan to "pick a number" for our kids for inheritance instead of splitting it all. So that will hopefully make it easy to not worry too much about preserving an amount of wealth that might be more of a curse to our kids than a blessing. Maybe they will even want to be involved in decisions to give away way more than 10%. That would be such a proud parenting moment.
It is all the Lord's anyway and I deserve not one thing. Not even the breath in my lungs.
We feel good about where we have landed on how to figure out tithe for now.
Hi,
I used to give tithes of my all my investment and profit, but made loss.
Now i owned a shop as a sole proprietor and I get a monthly salary from the company. I heard that i should give a tithe of all my profit instead of tithe of the salary.
What do you think is correct ?
Regards
Just my 2 cents... There's no bilbical obligation for anyone to tithe today although there's nothing wrong with choosing to do so. So what is "correct" in your case is likely a matter of personal conviction.
What you say id very good however as a Christian our tithe should never be limited to 10%. 2 Corinthians 9:6-8
@@cliverussell9459 did I say it should be limited? I probably wasn't clear, if that is what you took. I think of it as a minimum. And we calculate it based on gross income (took us a while to get to that calculation, but, you know, sanctification is a work in progress). We give away more than 10% or our income, but above 10% is open for giving to other causes that we think the Lord is leading us to give to. All kinds of things. And then some is generosity as we see a need. But not an official gift to an actual organization.