In advance of the new calendar year coming up, the Internal Revenue Service has announced several changes to tax laws starting in January 2015. Here are a few of the highlights that are common for clergy. Standard Deduction – Single $6,300 (up from $6,200 in 2014) – Married Filing Jointly $12,600 (up from$12,400 in 2014) – Head of Household $9,250 (up from $9,100 in 2014) Personal Exemption $4,000 (up from $3,900 in 2014) FSA Plans – Maximum Salary Reduction $2,550 (up from $2,500 in 2014) These changes are for the 2015 calendar year. They will show up on the tax return you prepare in early 2016. Source: Clergy Financial Resources
Clergy Financial Resources is a national accounting and finance organization serving churches and clergy since 1980. They have an unparalleled tax expertise on the complex issues associated with clergy tax law, clergy taxes, clergy compensation and church payroll. Clergy Financial Resources is a valuable resource for clergy, churches and denominations.
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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