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Khaleef Crumbley

House Passes Bill to Accelerate Tax Benefits for Donations to Haiti

By //  by Khaleef Crumbley

A new bill has been passed that will allow taxpayers who make donations for the Haitian Earthquake Relief Efforts to claim the deduction on their 2009 taxes.

Normally, donors would have to wait until they file their 2010 tax returns in order to claim the charitable deductions; however , according to the new bill (click here to read the full bill), any donation made toward the relief efforts after January 11, 2010 and before March 1, 2010 will be deductible on your 2009 tax return.

For those who made donations via text message, the measure allows for your phone bill (showing the donation) to serve as an official record of giving.

Hopefully, this will prove to be enough of an incentive to spark another round of giving.

As many of you know, another earthquake hit the devastated country this morning, and the people of Haiti need our help even more than before!

Please consider giving a gift to support the relief efforts. The OASIS for Children orphanage (located in Beudet, Haiti) is currently accepting donations. You can donate online securely via PayPal here: http://bit.ly/4RQ1IE. You can read about the orphanage at their website ), or on the KNS Financial site here: http://bit.ly/933mQ9.

There is also a “wish list” on Amazon.com of items that the children and workers of the orphanage need immediately. You can access the wish list here: http://bit.ly/5P21oY. Once you purchase the items from Amazon.com, they will be shipped directly to the OASIS headquarters in New Jersey and then forwarded on to those who need them most.

If you have any questions regarding this new Bill, which is making its way through Congress please leave a comment below.

If you have any questions about the OASIS for Children orphanage feel free to contact our President at 908-208-1311, or leave a comment below.

[Full Disclosure: I currently serve on the Board of Directors of the OASIS for Children, Inc orphanage as Treasurer.] [paypal-donation]

Filed Under: haiti, Personal Finance, Taxes Tagged With: deductions, donations, haiti, IRS, Taxes

Use Your Tax Refund to Open a Savings Bond

By //  by Khaleef Crumbley

In addition to having your tax return directly deposited into your bank account, the IRS also gives you the option to purchase US Savings Bonds (up to $5,000).

Here are a few things they want you to know regarding this option:

  1. You may use a portion of your refund to purchase up to $5,000 in U.S. Series I Savings Bonds.
  2. The total amount of saving bonds purchased must be a multiple of $50. Additional money over the specified amount must be deposited into another financial account – such as a checking or savings account.
  3. The bonds will be issued in your name. For married taxpayers filing a joint return, the bonds will be issued in the names of both spouses.
  4. You will receive the U.S. savings bonds in the mail.
  5. You normally select this option by filing Form 8888, Direct Deposit of Refund to More Than One Account.

Form 8888 has step-by-step instructions on how to select this option and how to specify the amount of your refund you want to use to purchase savings bonds.

How many of you will use this option when claiming your refund this year? If not, what do you plan on doing with the money? If you are struggling financially, you can also use your refund as a huge budget helper! Leave a comment below!

Filed Under: Taxes Tagged With: efile, savings bonds, Taxes

Wealth from the Bible

By //  by Khaleef Crumbley

I was sitting here just thinking about how foolish it is to trust in wealth. Especially for us Christians who have God’s Word to guide us in all areas of life. Larry Burkett once said, “It is clear from God’s Word that affluence presents the greatest threat to our walk with the Lord”.

Psalms 49:10-12 reads:

For he sees that even wise men die;
The stupid and the senseless alike perish
And leave their wealth to others.
Their inner thought is that their houses are forever
And their dwelling places to all generations;
They have called their lands after their own names.
But man in his pomp will not endure;
He is like the beasts that perish.

Proverbs 11:4 tells us:

Riches do not profit in the day of wrath,
But righteousness delivers from death.

 

Proverbs 11:28 states:

He who trusts in his riches will fall,
But the righteous will flourish like the green leaf.

These verses – along with a myriad of others – make it clear that wealth does nothing to gain favor in the sight of God, and even the “favor” that we gain with men is short-lived. Our goals and plans in life should not revolve around money or prosperity. On this very topic Christ gives the following instructions:

Do not store up for yourselves treasures on earth, where moth and rust destroy, and where thieves break in and steal. But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves do not break in or steal; for where your treasure is, there your heart will be also. ~ Matthew 6:19-21

God promises to supply our needs if we only focus on His Kingdom and His Righteousness (Matthew 6:33). God gives us the ability, strength and intellect to be able to support ourselves and also makes provisions for those for a physically unable to do so (cf 1Timothy 5:3-16). We are to be good stewards of the money and possessions that God has given to us and seek to be a blessing to God’s Kingdom (on His terms).

So what should our attitude be towards money and wealth? The Apostle Paul puts it this way:

But godliness actually is a means of great gain when accompanied by contentment. For we have brought nothing into the world, so we cannot take anything out of it either. If we have food and covering, with these we shall be content. But those who want to get rich fall into temptation and a snare and many foolish and harmful desires which plunge men into ruin and destruction. For the love of money is a root of all sorts of evil, and some by longing for it have wandered away from the faith and pierced themselves with many griefs. ~ 1 Timothy 6:6-10

In light of what we’ve seen today – and we’ve just scratched the surface on this topic – a fair question would be, “What is God’s view of people who are wealthy?”, or “Are they commanded to sell all they have and give it to the poor (like the Rich Young Ruler in Matthew 19:16-23)?”  Here are God’s instructions to the rich:

Instruct those who are rich in this present world not to be conceited or to fix their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy. Instruct them to do good, to be rich in good works, to be generous and ready to share, storing up for themselves the treasure of a good foundation for the future, so that they may take hold of that which is life indeed. ~ 1 Timothy 6:17-19

So while it is difficult for a born-again believer who is rich in the things of the world to be devoted to God, it is not impossible. Our socio-economic standing must be subjected to Christ just like everything else in our lives.

Be sure to “store up for yourselves treasures in heaven” where we have imperishable crowns (1 Corinthians 9:25; James 1:12; 2 Timothy 4:8; 1 Thessalonians 2:19), a dwelling place prepared especially for us by Christ Himself (John 14:2-3), and a reward for all of our work on earth for God’s Kingdom (1 Corinthians 3:10-15).

Take a minute to comment on this article below.

 

 

 

 

Photo by franky242 at FreeDigitalPhoto.net

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Filed Under: Bible, Biblical Finance, Personal Finance Tagged With: Bible, Biblical Finance, Personal Finance, prosperity

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