Compensation and Benefit Services exists to serve lay leaders and church employees by providing guidance in a variety of financial matters.
Churches face critical decisions regarding financial matters that must be made in compliance with applicable laws and in accordance to biblical mandates. We provide consultation in matters related to retirement planning, insurance protection, tax considerations, and structure and administration of compensation for pastors and staff. We work closely with GuideStone Financial Resources of the Southern Baptist Convention to offer wise counsel that is undergirded and empowered by spiritual insight.
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IRS issues standard mileage rates for 2020
The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 57.5 cents per mile driven for business use, down one half of a cent from the rate for 2019.
- 17 cents per mile driven for medical or moving purposes, down three cents from the rate for 2019.
- 14 cents per mile driven in service of charitable organizations.
The business mileage rate decreased one half of a cent for business travel driven and three cents for medical and certain moving expense from the rates for 2019. The charitable rate is set by statute and remains unchanged.
It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces on active duty moving under orders to a permanent change of station. For more details, see Rev. Proc. 2019-46.
“But all things should be done decently and in order.”
1 Corinthians 14:40
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