2018 Brings Change to 529 College Savings Plans

The Tax Cuts and Jobs Act, which was signed into law in December 2017, allows families to use 529 plans to pay for up to $10,000 in tuition expenses at elementary or secondary public, private or parochial schools. The changes became effective January 1, 2018. 529 plans offer tax-free earnings growth and tax-free withdrawals when the…

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When do I use Form W-9?

When a church hires a worker, one of the initial decisions that must be made is whether to treat the worker as clergy, non-clergy employee or contractor. This decision may seem insignificant, but it has huge implications when it comes to payroll. When you hire a new employee, you need to fill out paperwork to…

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What To Do If You Get a Notice From the IRS

Every year, the IRS sends millions of letters and notices to taxpayers for various reasons. There are many different types of notices issued by the IRS — depending on the notice you receive, you may have a range of options for responding. If you have not filed an income tax return for at least one year, the…

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Tips for Filing a Late Tax Return

It is recommended that you file any tax returns that are due, whether or not you can pay your tax liability in full. The longer you wait to file, the higher your late fees and interest charges will be. Filing a tax return on time is always your best option. There are numerous problems that…

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Are all ministers treated as self-employed for social security purposes?

Ministers have what is commonly referred to as “dual tax status.” For federal income tax purposes, a minister is generally treated as a common law employee. For payments into Social Security, the minister is always self-employed. This is an IRS regulation and not an election. Services that a duly ordained, commissioned, or licensed minister performs in…

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Important Tax Deadlines and Dates

April 17, 2018 2017 Individual Tax Returns Due  E-file or postmark your individual tax returns by midnight April 18, 2018. 2017 Tax Extension Form Due  Need more time to prepare your tax return? File your request for a tax extension by April 17 to push your tax deadline back to October 15, 2018. Clergy Financial Resources now…

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Learn more about filing a tax extension

The Internal Revenue Service allows taxpayers to file for a 6-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. If you found yourself unable to meet the document deadline…

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Is Volunteer Work Still Tax Deductible?

The IRS will not allow individuals to deduct the monetary value of their volunteer service to a nonprofit on their individual income tax returns. But volunteers may be able to deduct for certain volunteer expenses. Your donation will be deductible only if it is made to a qualified nonprofit, tax-exempt organization. That is, the IRS must have granted 501(c)(3) tax-exempt…

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