Deducting Clergy Professional Expenses on Your Tax Return

If you itemize deductions and are an employee of the church, you may be able to deduct certain ministry-related expenses. Clergy Financial Resources has put together the following facts to help you determine some of the expenses that may be deducted as a ministry expense. Expenses that qualify for an itemized deduction include: Advertising Bank…

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Programming Issue with Small Proportion of First Time Homebuyer Credit Claims

The IRS is having programming issue delaying the processing of a small percentage of returns for taxpayers who must repay the First Time Homebuyer Credit. The issue affects taxpayers reporting a sale or disposition of the home that qualified for the credit, which in most cases means taxpayers must repay the credit. The delay also…

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IRS Sends 200,000 Balance Due Notices by Mistake

Due to a computer processing glitch, the IRS mailed 200,000 CP-14 balance due notices to taxpayers who filed electronically. These notices told the taxpayers that their balance was due by April 15, even if they had already designated automatic withdrawal from their bank accounts. These notices were not to be processed in the middle of…

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Three Tax Tips to Make Tax Filing a Breeze

Tax preparation shouldn’t be so stressful. Clergy Financial Resources has put together three tips to help make your tax filing experience a breeze this year. 1. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of…

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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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Taxable or Non-Taxable Clergy Income?

Generally, most income you receive is considered taxable but there are situations when certain types of income are partially taxed or not taxed at all. All sources of income are fully taxable and must be included in your income unless it is specifically excluded by law. To help clergy understand the differences between taxable and…

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Missing a W-2? Here’s What To Do….

Ministers working for a church or church agency should receive a Form W-2 by January 31, 2011. Ministers who report their federal income taxes as self-employed on Form 1099, may face a significant risk of additional taxes and penalties, if they are audited and reclassified as employees by the IRS. Before you file your 2010…

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Want Your Tax Refund Fast – Choose Direct Deposit

Direct Deposit is the fastest, safest way to receive your tax refund. An e-filed tax return means a fast refund. Taxpayers who combine e-file and Direct Deposit can get their refunds in as few as 10 days. Here are three reasons more than 73 million taxpayers chose Direct Deposit in 2010: Security Thousands of paper…

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Eight Tax Benefits for Parents

Did you know that your children may help you qualify for some tax benefits? Here are 8 tax benefits to consider when filing your tax returns this year. Dependents. In most cases, a child can be claimed as a dependent in the year they were born. Child Tax Credit. You may be able to take…

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Two Tax Credits to Help Pay Higher Education Costs

There are two federal tax credits available to help you offset the costs of higher education for yourself or your dependents.  These are the American Opportunity Credit and the Lifetime Learning Credit. To qualify for either credit, you must pay postsecondary tuition and fees for yourself, your spouse or your dependent. The credit may be…

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