AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question We are a church with a bookstore. We sell books, Bibles, CD's and DVD's of our services, candy bars, religious jewelry and some not religious. We do mark-up the cost of the product attempting to break even with inventory that doesn't sell. The book store uses about 200 square feet of our 100,000 square feet of space. Do we have any implications regarding tax exemption on our property?
Answer Rick,
Thanks for your question.
From an income tax standpoint, there are no issues. The bookstore is considered within the realm of "furthering your exempt purpose."
Sales and property tax may be another issue. It is likely that sales taxes should be paid on the sales. However, I cannot address either of these issues, as they vary among states and cities.
