When Paying the IRS, Handle Checks With Care

Always provide the reason for the payment, the form number, and tax year on the front of the check – for instance, “balance due on 2015 Form 1040” or “2016 estimated payment.”  Also include your daytime telephone number and Social Security number (joint filers should enter the number shown first on their return). Writing separate…

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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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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…

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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…

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Estimated Tax Payment Penalty for Clergy

The United States income tax is a pay-as-you-go tax, which means that tax must be paid as you earn or receive your income during the year. You can either do this through withholding or by making estimated tax payments. If you do not pay your tax through withholding, or do not pay enough tax that…

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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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