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Another Lawsuit Threatens the Clergy Housing Allowance
A lawsuit filed on September 12, 2011 threatens the constitutionality of sections 107 and 265(1)(6) of the federal tax code, which establishes the housing allowance for ministers. The Atheist group (Freedom from Religion Foundation) filing the lawsuit asserts the unique benefit set aside especially for “ministers of the gospel” is a violation of separation of…
How the American Jobs Act Will Affect Clergy & Churches
How the “American Jobs Act” Will Affect Church Employees: At the beginning of 2010, a “payroll tax holiday” was passed. Employees normally pay 6.2% on their first $106,800 of wages into Social Security, however, this “tax holiday” decreased that amount by 2%. This allowed employees to pay 4.2% of wages into Social Security instead of…
Outsourcing Payroll Duties Is Becoming The Best Investment For Churches
When it comes to very low value and potentially high risk business activities, doing your own payroll ranks right near the top. Sixty percent of the W2 forms completed by churches are issued in error. Twenty percent of churches pay an average penalty of $845 per year for late or incorrect payroll filings. Many churches…
Back-to-School Tips for Students and Parents Paying College Expenses
Whether you’re a recent graduate going to college for the first time or a returning student, it will soon be time to get to campus – and payment deadlines for tuition and other fees are not far behind. Clergy Financial Resources reminds students or parents paying such expenses to keep receipts and to be aware…
Estimated Tax Payment Penalty for Clergy
The United States income tax is a pay-as-you-go tax, which means that tax must be paid as you earn or receive your income during the year. You can either do this through withholding or by making estimated tax payments. If you do not pay your tax through withholding, or do not pay enough tax that…
Ten Tax Tips for Clergy Who Are Moving This Summer
Summertime is a popular time for people to move. Moving can be expensive, but Clergy Financial Resources offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location. Move must be closely related to start of work: Generally, you can consider…
Deduct Expenses Related To Church Mission Trips On Your Taxes
Summer is popular time for many churches to spread their ministry beyond the walls of their church. Whether your mission trip is an hour away or halfway across the globe, there is a substantial tax benefit available to people donating towards a mission trip. Many people that go on mission trip do not receive the…
Beware of emails claiming to be from IRS
Bogus email scams are resurfacing, including one involving payments allegedly rejected by the Electronic Federal Tax Payment System. The email has a link that may download malicious software. Information on what to do if you receive a suspicious IRS-related communication is available on IRS.gov. Source: IRS.com Clergy Financial Resources https://www.clergyfinancial.com Clergy Financial Resources is a…
Summer Day Camp Expenses May Qualify for a Tax Credit For Clergy
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. Clergy Financial Resources has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 years…
