Secular and Clergy Employment Status…What’s the difference?
Churches are required to classify each person that is hired as either a secular or clergy employee. This is a very crucial step in the hiring process. Clergy are taxed differently than secular employees and this treatment is mandated by law. It isn’t optional, so it is important to know who qualifies as secular or…
Social Security Tax Increase Starting January 1, 2013
Over the past two years, there has been a “payroll tax holiday” in effect. This reduced the employee’s share of Social Security from 6.2% to 4.2%. This “payroll tax holiday” is scheduled to expire on December 31, 2012. Non-clergy employees will have an additional 2% of Social Security tax withheld from their paychecks starting on…
Is your church in compliance with current payroll laws?
Make sure your church is in compliance with current payroll laws. Clergy Financial Resources payrolls service now includes a “year-to-date” payroll audit. During our audit, we will review each employee’s compensation to to ensure that everyone is being paid in accordance to Federal tax laws. Clergy Financial Resources is the leading payroll provider for churches….
Kids going to a day camp this summer? Get a tax break!
Most working parents are well aware they get a tax break to help cover the costs of sending their children to day care. But some parents overlook the tax advantage of summer day camp costs. During school vacations, many parents turn to these supervised programs to provide child care while they work. Overnight camps don’t…
IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return
WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012. The…
Hunting for a New Ministry Position Could Help Cut Taxes
Your search for new work in the ministry must be in the same field in which you’re currently or were formerly employed. Seminary graduates are out of luck. The costs you incur in getting your first job aren’t deductible, because the tax law only allows you to write off expenses incurred in searching for another…
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,…
2012 Church & Clergy Tax Guide – NOW AVAILABLE
The 2012 Church & Clergy Tax Guide is now available for shipping. Get a better understanding of U.S. tax laws as they relate to pastors and churches with the 2012 Church & Clergy Tax Guide; learn how tax laws apply to you, how to correctly report your federal income taxes and social security taxes, understand…
2011 Clergy Tax Organizer – Now Available – $45.00
We are pleased to offer you the chance to discover the power of our innovative Internet-based products. The new 2011 Clergy Tax Organizer Online, a tax preparation guide. Each year we publish a tax organizer for clergy, which is designed to be used as a learning tool and reference guide. This organizer will assist you…
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…