What To Do If You Get a Notice From the IRS
Every year, the IRS sends millions of letters and notices to taxpayers for various reasons. There are many different types of notices issued by the IRS — depending on the notice you receive, you may have a range of options for responding. If you have not filed an income tax return for at least one year, the…
Tips for Filing a Late Tax Return
It is recommended that you file any tax returns that are due, whether or not you can pay your tax liability in full. The longer you wait to file, the higher your late fees and interest charges will be. Filing a tax return on time is always your best option. There are numerous problems that…
Are all ministers treated as self-employed for social security purposes?
Ministers have what is commonly referred to as “dual tax status.” For federal income tax purposes, a minister is generally treated as a common law employee. For payments into Social Security, the minister is always self-employed. This is an IRS regulation and not an election. Services that a duly ordained, commissioned, or licensed minister performs in…
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…
Learn more about filing a tax extension
The Internal Revenue Service allows taxpayers to file for a 6-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. If you found yourself unable to meet the document deadline…
Is Volunteer Work Still Tax Deductible?
The IRS will not allow individuals to deduct the monetary value of their volunteer service to a nonprofit on their individual income tax returns. But volunteers may be able to deduct for certain volunteer expenses. Your donation will be deductible only if it is made to a qualified nonprofit, tax-exempt organization. That is, the IRS must have granted 501(c)(3) tax-exempt…
How to Deduct Ministry Mileage in 2017
With the mileage deduction, the IRS only lets you deduct trips that are ministry-related. The natural question is: what types of trips are considered ministry mileage? Here are a few examples of approved mileage by the IRS: Travel between churches You can take the mileage deduction for travel from church A to church B. Errands/supplies Driving…
Are Home Equity Loans Still Deductible Under New Law
The new federal tax law created a lot of confusion over whether taxpayers were still able to deduct the interest they pay on their home equity loans and home equity lines of credit. If you’re planning to redo a bathroom or a kitchen or fix up a fixer-upper, the interest on new home equity loans,…
A meaningful retirement doesn’t just happen
Developing a meaningful retirement doesn’t just happen. In fact, many people actually become a “failed retiree.” That is someone who is depressed with long days ahead and no fun or meaningful activities that they partake in. By following these five action steps, you can avoid becoming a failed, miserable retiree. 1. Develop your life plan. Waiting…
Giving Strategies to Charity Under New Tax Law
Changes to the tax law in 2018 have taken away most people’s ability to deduct charitable contributions. But there are still a few options to consider in order to give and still receive. Fortunately, there are options for donors who would like to obtain a tax benefit for their generosity. One permits anyone 70½ or…
