Clergy Financial Resources Reminds Parents of Ten Tax Benefits
Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things Clergy Financial Resources wants parents to consider when filing their taxes this year. 1. Dependents In most cases,…
IRS Updates 2012 Business and Ministry Mileage Rates
The Internal Revenue Service has issued its 2012 optional standard mileage rates that can be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, the standard mileage rates for the use of a car, van, pickup or panel truck will be 55.5 cents per…
2011 Year-End Tax Strategies For Clergy
Here’s a quick checklist of tax savings strategies to consider and apply before the end of December: 1. Make Charitable Contributions and Donations: Generally, for individuals, contributions to tax-exempt charitable organizations are limited to 50 percent of the taxpayer’s adjusted gross income for the tax year. Those unused items cluttering closets can be donated to…
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…
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…
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…
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…
Lawsuit Challenging Clergy Housing Allowance Dropped
In 2009, the atheist group ” Freedom from Religion Foundation” filed a lawsuit challenging the constitutionality of Sections 107 and 265(1)(6) of the federal tax code, which establishes the housing allowance for ministers. Their argument stated that the unique benefit set aside for “ministers of the gospel” is a violation of the separation of church…
IRS Adjusts 2011 Mileage Rates
WASHINGTON — The Internal Revenue Service today (June 23, 2011) announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a…