Turbo tax is helping taxpayers in Alabama after errors were uncovered in its state income tax software that led some taxpayers to inadvertently overpay or underpay their taxes. In 2013, the Minnesota Department of Revenue advised taxpayers to review their returns for possible errors.
Online tax software are great programs for basic secular returns but is often times challenged by the complexity of a clergy return. These software packages do not address some of the tax rules unique to ministers which will greatly affect the accuracy of your return. Therefore, clergy using an online tax software package will require extra steps to complete and file their return, additional knowledge relating to clergy tax law and extra time to learn how the tax laws apply to your return.
The initial price of tax software ranges from $29.95 to $104.99. While that doesn’t sound expensive, it’s a small part of the total cost. The true cost of tax software is more than just the price you pay at checkout.
According to the IRS, tax filers spend 13 hours on average preparing and filing their taxes. If your average household income is $50,000, that’s $312 of your time. That’s a lot of money!
Based on a recent survey, the average tax refund of online tax software users is $1,824. The average tax refund of people using a tax advisor is $2,615.* Get your entire refund by working with a Clergy financial Resources.
Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
For more information or if you need additional assistance, please use the contact information below.
Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369
Tel: (888) 421-0101
Fax: (888) 876-5101