Should I Amend my Tax Return
Did you make a mistake on your federal income tax return but didn’t catch it until after you filed? Maybe an important tax document arrived in the mail days after you e-filed your return. Don’t worry, you’re not in trouble — as long as you file an amended tax return to correct the error. Filing…
The New Tax Form Is Postcard-Size, but More Complicated Than Ever
Do Ministry Meals Remain Deductible?
Who Qualifies For Special Tax Treatment As A Minister
When a church hires an employee, 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 and taxes. Ministers have what is commonly referred to as “dual tax status.”…
Dues versus Contributions
Ministers often pay a small annual renewal fee to maintain their credentials, which constitutes a deductible expense. However, ministers’ contributions to the church are not deductible as business expenses. Many may argue that they are expected to donate generously to the church as part of their employment. This is not sufficient to convert charitable contributions…
Join Us Today – Turn HUNGER into HOPE
Clergy Financial Resources has partnered with Feed My Starving Children which provides life-saving meals to people around the world. Join us today to Turn HUNGER into HOPE. Each of us can do something. Together we can end hunger, in Jesus’ name. As a Christian non-profit organization, Feed My Starving Children is called to feed God’s…
Tax Deadline Approaching
TAX DEADLINE APPROACHING In order to guarantee completion of your tax return by April, 17th, 2018, all of your tax material will need to be in our office by March 15th, 2018. Each year, we publish a Clergy Tax Organizer, which is designed to be used as a learning tool and reference guide. This organizer will assist…
QuickBooks for Churches
Bookkeeping for churches can be quite different than for-profit businesses, and the other guides available cover either QuickBooks or church accounting, not both.  Lisa London, The Accountant Beside You, walks you through QuickBooks for your church from start to finish, always with examples, terminology, and understanding of what a busy church administrator needs to know in…
Deduct It! – Ministers Deductions
A minister who is classified as an employee may claim his or her unreimbursed expenses only as a miscellaneous itemized deduction on Form 1040 Schedule A. These expenses are deductible only if, and to the extent, they and any other miscellaneous itemized deductions exceed 2% of the minister’s adjusted gross income (AGI).  A few common…
Long-term disability: Pre-tax or after-tax?
Long-term disability (LTD) insurance provides you with income if you become disabled and are unable to work. Although your church may pay the full premium for this coverage, you can choose whether the premium is deducted from your pay before or after taxes. Â Important tax considerations are as follows: If you choose to pay for…
