Special $300 deduction for Charitable Donations in 2020

IRS Commissioner Chuck Rettig recently issued a reminder that the IRS has “a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to explore this option to help deserving tax-exempt organizations – and the people and causes they serve.” Ordinarily, you can…

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How much can I give to charity this year?

A frequent question asked around the holidays is “How much can I give to charity this year?” While IRS does not limit how much you can give, they do place limitations on the tax benefits you can receive for such donations. Here are some quick facts about the amount of charitable donations you can deduct:…

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Cell Phone Deductions for Ministers

If you are a minister, chances are you spend a lot of time on the phone, especially during the Pandemic. Fortunately, ministers can deduct these expenses on their schedule SE, but there are several things you have to keep in mind. First, you have to be subject to self-employment tax in order to take the…

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Best practices for deducting meals

Clergy can deduct the costs of ministry-related meals against their self-employment taxes, but not everyone knows the best practices for deducting meals. Here are some quick tips on deducting meals: Only deduct meals that are purchased for ministry purposes. If you are just buying a meal for yourself, that doesn’t count for a deduction. If…

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Tips for Tracking Mileage

If you drive a lot of miles for your ministry work and you don’t have an accountable reimbursement plan, tracking your mileage can save money on your self-employment taxes. Here are some quick tips for mileage tracking that you may find useful: Regardless of whether you use GPS, a phone app or a paper log,…

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Church Reimbursements can be Taxable

Depending on how your Church reimburses you, it may or may not impact your taxes. Reimbursement plans generally fall into one of two categories, accountable or non-accountable. Under an “accountable” plan, the Church only pays your expense, nothing more and nothing less. Usually you would either have to give them receipts, or you would have…

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Five Quick Facts about Donations

I donate, you donate, we all donate. Here are five quick facts about donations and your 1040 taxes: Donations are only tax deductible if they are through a qualified charitable organization. Before you donate, you can ask the organization or check them at https://www.irs.gov/charities-non-profits/tax-exempt-organization-search. Donations to individuals are NEVER deductible. While it is kind to…

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Can I deduct unreimbursed employee expenses?

“My last accountant told me I can’t deduct unreimbursed employee expenses, so I didn’t keep track of them.” This is a very common comment from new Clergy Financial Resources clients, and potentially a very costly error. While the Tax Cuts and Jobs Act did remove this schedule A deduction for the majority of employees, accountants…

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