2018 Brings Change to 529 College Savings Plans
The Tax Cuts and Jobs Act, which was signed into law in December 2017, allows families to use 529 plans to pay for up to $10,000 in tuition expenses at elementary or secondary public, private or parochial schools. The changes became effective January 1, 2018. 529 plans offer tax-free earnings growth and tax-free withdrawals when the…
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…
Should I Amend my Tax Return
Did you make a mistake on your federal income tax return but didn’t catch it until after you filed? Maybe an important tax document arrived in the mail days after you e-filed your return. Don’t worry, you’re not in trouble — as long as you file an amended tax return to correct the error. Filing…
Who Qualifies For Special Tax Treatment As A Minister
When a church hires an employee, one of the initial decisions that must be made is whether to treat the worker as clergy, non-clergy employee or contractor. This decision may seem insignificant, but it has huge implications when it comes to payroll and taxes. Ministers have what is commonly referred to as “dual tax status.”…
Tax Deadline Approaching
TAX DEADLINE APPROACHING In order to guarantee completion of your tax return by April, 17th, 2018, all of your tax material will need to be in our office by March 15th, 2018. Each year, we publish a Clergy Tax Organizer, which is designed to be used as a learning tool and reference guide. This organizer will assist…
QuickBooks for Churches
Bookkeeping for churches can be quite different than for-profit businesses, and the other guides available cover either QuickBooks or church accounting, not both.  Lisa London, The Accountant Beside You, walks you through QuickBooks for your church from start to finish, always with examples, terminology, and understanding of what a busy church administrator needs to know in…
New Innovative Ways of Tracking of Receipts
One thing you learn over the years is that keeping receipts is essential. Whether it’s to double-check an odd entry in the accounting software or to know you’re covered if the IRS comes calling, you have to have them. Of course, this can create a mountain of receipts every year, so you need a plan…
Income-based Student Loan Repayment Plan
Two-thirds of students graduating college in 2016 are carrying student loan debt, averaging close to $30,000 and typically carrying interest at 6.8 percent, or a little over $2,000 per year. If you are paying more than $2,500 per year in student loan interest, the excess is not deductible and cannot be carried forward. Also, if you…
Your Social Security Statement is now at your fingertips
Have you ever received a Social Security Statement in the mail? You know, the one that shows all the earnings you’ve had each year and how much you could receive per month in Social Security benefits when you retire? The Statement contains crucial information to plan for a comfortable retirement. Now, thanks to my Social Security,…
