How to complete clergy W-2 forms
Clergy W-2 Form Ministers working for a church or church agency should receive a Form W-2 by January 31. Ministers who report their federal income taxes as self-employed on Form 1099, may face a significant risk of additional taxes and penalties, if they are audited and reclassified as employees by the IRS. While the majority…
Ask the Pros – Tax, Payroll & HR Questions
Clergy Tax Law – Research Tax Research ServiceMaybe you don’t have time to find the answer or perhaps you just want a second opinion – We’re here for you! We answer clergy tax questions all year. Clergy Financial Resources’ research team is unmatched by any other tax organization. Our experienced team of clergy tax professionals…
Clergy Tax Organizer ®
NEW 2017 ONLINE ORGANIZER IS NOW AVAILABLE! Thank you for selecting the Clergy Tax Organizer ® to assist you with preparation of your tax returns. The organzier will help clergy accumulate and summarize their tax information to prepare a more accurate return. Each year we publish an organizer for clergy, which is designed to be…
Complimentary Tax Review
Many clergy have found errors in or are uncomfortable with tax returns that they prepared using tax software or were prepared by other tax return preparation companies. Just one slip up entering information and/or answering one question incorrectly could end up costing you, either in the form of a larger tax bill or a smaller…
Will your tax return be audited?
A significant portion of clergy audits include Schedule C and Form 2016. The Schedule C is a one-page tax schedule used by self-employed to report their business income and expenses on their personal federal income tax return. Form 2106 would report ministry related expenses as an employee of the church. The good news is that…
2015 Tax Year Updates
In advance of the new calendar year coming up, the Internal Revenue Service has announced several changes to tax laws starting in January 2015. Here are a few of the highlights that are common for clergy. Standard Deduction – Single $6,300 (up from $6,200 in 2014) – Married Filing Jointly $12,600 (up from$12,400 in 2014)…
Still Time to Act to Avoid Surprises at Tax-Time
Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you’ll…
Extended Tax Deadline Expires Oct. 15
If you are one of the nearly 13 million taxpayers who asked for more time to file your federal tax return this year, the extra time is about to expire. If you owe taxes the best way to pay them is with IRS Direct Pay. It’s the simple, quick and free way to pay from…
Individual income tax returns are due October 15.
Remember the extended due date for 2013 income tax returns is October 15, less than two months away. If you haven’t done so already, order and complete your clergy tax organizer which is required to prepare your tax returns. The third quarter federal estimated tax payment for clergy is due September 15. Most clergy who…
Clergy Tax Fact: Student Loan Debt Skyrocketing
Outstanding student loans were $1.11 trillion as of 3/31/14. Outstanding credit card debt was $857 billion as of 3/31/14. Student loans have increased $124 billion in the last 12 months while credit card debt has increased just $7 billion over the same period (source: Federal Reserve). Source: Clergy Financial Resources Home Clergy Financial Resources is…