Tax-Time Errors Filers Should Avoid
Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. Clergy Financial Resources cautions against these nine common errors so your refund is timely. Incorrect or missing Social Security Numbers When entering SSNs for anyone listed on your tax return, be sure to enter them…
Using Plastic to Pay Taxes?
Using your credit card to pay your IRS tab at authorized Web sites, such as www.payusatax.com and www.pay1040.com, triggers a charge of up to 2.35% on top of your payment. If your tax bill is $4,000, for example, that’s an additional $94. How to avoid these fees: These vendors are passing along the credit-card processing…
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…
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…
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…
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…
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…
