Churches looking for new ways to compensate their clergy or attract new clergy must distinguish themselves from other churches. Creative benefit packages often do the trick, particularly if they address specific needs. With more and more seminary graduates entering the workforce and more and more of them graduating with substantial debt, some churches have created…
IRS does not charge any penalties for filing your 1040 return late if you are due a refund, but don’t put off filing for too long. IRS has a three year statute of limitations on refunds, starting with the original due date of the return. This means that if you file after the three year…
As Summer comes to a close, Clergy and other Self-Employed individuals prepare to make their third estimated tax payment for the year. The third payment is normally due September 15th, but since the 15th falls on a Sunday, the due date is pushed to Monday the 16th. If you used Clergy Financial Resources to prepare…
Unemployment benefits are available to workers who lose their job involuntarily because of reasons out of their control and meet basic state law eligibility requirements. Unemployment benefits are administered at the state level and offer temporary financial help to workers who have lost their job and meet state law requirements. Most employers are required to…
There are a number of different reasons for Clergy Taxes being more complex than the average return. First, Clergy are treated differently from every other employee in regards to their compensation. Clergy have a unique “dual status”- they are treated like employees for income tax, and they are treated like independent contractors for Social Security…
For those of us with children, summer camp can be a memorable but expensive activity. Fortunately, there is a tax deduction that can help. IRS allows working parents, students or those looking for work to deduct a portion of these child care expenses on their 1040 return at the end of the year. While the…
A qualified small employer (one that employs fewer than 50 full-time (including full-time equivalent) employees, and does not offer a group health plan to any of its employees) may offer a QSEHRA to its employees for the payment or reimbursement of eligible medical expenses (including individual insurance policy premiums) on a pre-tax basis. The QSEHRA…
Clergy taxes are an extremely narrow niche of tax law, so many generalist tax companies and software packages are not familiar with the rules. On top of this, the Tax Cuts and Jobs Act drastically changed the way that members of the Clergy can claim expenses. If you didn’t file with Clergy Financial Resources, it’s…
Here are ten tips to avoid errors when filing your 1040 returns. Math and typing errors- Using tax software or a tax firm to prepare your return greatly reduces the chances of mathematical errors, but it is still easy to transpose digits while doing data entry. Even if you have someone prepare your return, check…
Crowdfunding is a relatively new way to gather donations from others for things like mission trips. Well known examples of crowdfunding websites include “Gofundme”, “Kickstarter” and “Patreon”. Since it is so new, there is not a lot of official IRS guidance on the subject. According to an IRS letter published in 2016 (which you can…
