Deducting Clergy Professional Expenses on Your Tax Return
If you itemize deductions and are an employee of the church, you may be able to deduct certain ministry-related expenses. Clergy Financial Resources has put together the following facts to help you determine some of the expenses that may be deducted as a ministry expense. Expenses that qualify for an itemized deduction include: Advertising Bank…
Three Tax Tips to Make Tax Filing a Breeze
Tax preparation shouldn’t be so stressful. Clergy Financial Resources has put together three tips to help make your tax filing experience a breeze this year. 1. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of…
Taxable or Non-Taxable Clergy Income?
Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all. All sources of income are fully taxable and must be included in your income unless it is specifically excluded by law. To help clergy understand the differences between taxable and…
Want Your Tax Refund Fast – Choose Direct Deposit
Direct Deposit is the fastest, safest way to receive your tax refund. An e-filed tax return means a fast refund. Taxpayers who combine e-file and Direct Deposit can get their refunds in as few as 10 days. Here are three reasons more than 73 million taxpayers chose Direct Deposit in 2010: Security Thousands of paper…
Eight Tax Benefits for Parents
Did you know that your children may help you qualify for some tax benefits? Here are 8 tax benefits to consider when filing your tax returns this year. Dependents. In most cases, a child can be claimed as a dependent in the year they were born. Child Tax Credit. You may be able to take…
Two Tax Credits to Help Pay Higher Education Costs
There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents. These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be…
New Tax Court Ruling on Clergy Housing Allowance & Multiple Homes
Phil Driscoll owns two homes. One in Cleveland Tennessee and a lake home outside of Cleveland Tennessee. Phil Driscoll is an ordained gospel minister. Phil Driscoll Ministries paid for both homes and it was excluded from his income under the Pastor’s Housing allowance under Section 107 of the Internal Revenue Code of 1986. The IRS…
5 New Year’s Clergy Tax Resolutions
This year I will be more organized. I will make a tax file for the year. I will put important data in it during the year. I hate the stress of getting all my tax stuff together and crunching numbers, but every year it happens that way. Make one for 2010 as well, even though…
Holidays & Weekends Affect 2011 Tax Deadlines
Every year, taxpayers in the United States have until April 15 to file their tax return or file an extension. Normally, the only exception is if April 15 falls on a Saturday, Sunday or national holiday. This year taxpayers get will an extra three days to file their 2010 tax returns due to a Washington …
IRS Delays Start of Filing Season For Some Taxpayers
Clergy who claim deductions for home-mortgage interest, gifts to charity and state and local taxes will have to wait until middle to late February to file their 2010 returns. The Internal Revenue Service attributed the late start of the filing season to changes in tax law for 2010 that were finished last week. The agency…