Energy Property Tax Credit

Equipment and materials can qualify for the Energy Property Credit only if they meet technical efficiency standards set by the Department of Energy. The manufacturer can tell you whether a particular item meets those standards. For this credit, the IRS distinguishes between two kinds of upgrades. The first is “qualified energy efficiency improvements,” and it…

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Medical expense deduction becomes less generous

Clergy Tax Law Alert: Beginning in 2013, medical expenses for most clergy are only deductible to the extent they exceed 10% of your AGI, up from 7.5%. This change was enacted as part of the health care reform bill. It does not yet affect clergy 65 and older, who can still use the 7.5% AGI…

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Tax Tips for Clergy Moving this Summer

Tax Tips for Clergy Moving this Summer If you make a work-related move this summer, you may be able to deduct the costs of the move. This may apply if you move to start a new call or to work at the same job in a new job location. In order to deduct moving expenses,…

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Ten Tax Tips for Clergy Who Are Moving This Summer

Summertime is a popular time for people to move. Moving can be expensive, but Clergy Financial Resources offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location. Move must be closely related to start of work: Generally, you can consider…

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Six Facts about Choosing the Standard or Itemized Deductions for Clergy

When filing your federal income tax return, clergy can choose to either take the standard deduction or to itemize their deductions. Clergy Financial Resources has put together the following six facts to help you choose the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends on how much…

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