Are you getting ready to file your 1040 return by the July 15th deadline? Here are five quick things to double-check before submitting your return.
- Double check your name and Social Security number. Though it may seem common sense, this is especially important for people who have changed their name during the year or for returns with adopted dependents. A name or Social Security Number mismatch could result in a rejected return or a lost child tax credit.
- Don’t forget to add the housing or parsonage allowance back in when calculating self-employment taxes. While the housing or parsonage allowance is a great benefit when it comes to income taxes, they must be included as taxable on your self-employment taxes.
- Double check your bank information. Your refund won’t be useful to you if it goes into the wrong account! Make sure your account and routing numbers are correct. If opting for a refund by mail, it is critical that your current mailing address is listed accurately on the return.
- If you are itemizing your charitable donations and have more than $500 of non-cash donations, don’t forget to provide the name and address of the donee, along with a description of what you donated. IRS requires a separate, more detailed form to be completed when non-cash donations are over $500.
- Don’t forget to sign! Even if you file electronically, you have to sign form 8879 to file your federal return. Some states also require a separate signature form. If you don’t sign, you can’t file. If you are filing by paper, sign the return and don’t forget to mail it.
Clergy Financial Resources is still accepting returns before the 7/15/2020 deadline. For more information, visit our website at https://www.clergytaxnet.com/services/clergy-tax-preparation/.
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: (763) 425-8778
Fax: (888) 876-5101