Reminder: Third Quarter Estimated Taxes Due!!!

Clergy are subject to estimated tax payments on a quarterly basis which include federal, social security and state taxes. For example, when you receive clergy income in the first quarter of the year, the taxes are due at the end of that quarter. The year is divided into four payment periods, or due dates, for…

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Important Tax Deadlines and Dates

April 17, 2018 2017 Individual Tax Returns Due  E-file or postmark your individual tax returns by midnight April 18, 2018. 2017 Tax Extension Form Due  Need more time to prepare your tax return? File your request for a tax extension by April 17 to push your tax deadline back to October 15, 2018. Clergy Financial Resources now…

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Year End Check Up – Estimated Payments

Although you know what your 2016 tax bill came to, you probably don’t quite know what your 2017 tax will be. While it can’t be predicted with absolute certainty, you may want to review your financial picture thus far, as well as on events you anticipate will occur and transactions you anticipate finalizing in the balance of…

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Hurricane Harvey Tax Filing and Payment Extended Deadlines

The IRS is giving those affected by Hurricane Harvey a little extra time to complete tax filing if an extension was filed for the 2016 tax return. The new tax deadline for is January 31, 2018 for the 2016 Individual Income Tax Returns (Original Deadline October 15, 2017). Texas counties eligible for this extended deadline include:…

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Beware of the Estimated Payment Penalty

Clergy must elect optional withholdings from their wages and/or make estimated tax payments evenly throughout the year. When they do not, the IRS may impose the estimated tax penalty, commonly referred to as the underpayment penalty. There is no general reasonable-cause exception for the estimated tax penalty; therefore, it is often more difficult to get the penalty…

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How Can Clergy Pay Estimated Taxes?

How to pay estimated tax. You normally make estimated tax payments four times a year. The dates that apply to most people for 2016 are April 18, June 15 and Sept. 15. There is one last payment on Jan. 17, 2017. You can pay online, by phone or from your mobile device. Direct Pay is…

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Clergy Estimated Tax Payments

Clergy are subject to estimated tax payments on a quarterly basis which include federal, social security and state taxes. For example, when you receive clergy income in the first quarter of the year, the taxes are due at the end of that quarter. The year is divided into four payment periods, or due dates, for…

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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…

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Five Tips for Clergy Paying Estimated Taxes

Estimated tax is a method used to pay tax on income that is not subject to withholding.  Most clergy are exempt from tax withholdings and FICA. You must pay estimated taxes during the year based on your ministry income. These five tips from Clergy Financial Resources will provide you with a quick look at estimated…

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