Top 12 Tax Return Preparation Errors
1. Number transposition and spelling errors. This includes income and deduction amounts and client Social Security numbers, addresses and zip codes. Spelling errors should also be avoided – they indicate a lack of attention to what you are doing. 2. Unreported 1099 income. Clients frequently leave out 1099s, but the preparer should make sure all…
Kids going to a day camp this summer? Get a tax break!
Most working parents are well aware they get a tax break to help cover the costs of sending their children to day care. But some parents overlook the tax advantage of summer day camp costs. During school vacations, many parents turn to these supervised programs to provide child care while they work. Overnight camps don’t…
Clergy Financial Resources Reminds Parents of Ten Tax Benefits
Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things Clergy Financial Resources wants parents to consider when filing their taxes this year. 1. Dependents In most cases,…
It’s beginning to look a lot like…Tax Season.
The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier on yourself with an early start. Here are Clergy Financial Resources’ top 7 tips to ensure a smooth tax-filing process. 1. Gather your…
Church & Clergy – End of the Year Tax Checklist
December is a very busy time for churches and clergy. Extra services, Christmas shopping and holiday parties can fill your schedule before you know it. The end of year is an important time of the year for financial/tax issues as well. Here are a few things churches and clergy should be thinking about as we…
2011 Year-End Tax Strategies For Clergy
Here’s a quick checklist of tax savings strategies to consider and apply before the end of December: 1. Make Charitable Contributions and Donations: Generally, for individuals, contributions to tax-exempt charitable organizations are limited to 50 percent of the taxpayer’s adjusted gross income for the tax year. Those unused items cluttering closets can be donated to…
Ten Tax Tips for Clergy Who Are Moving This Summer
Summertime is a popular time for people to move. Moving can be expensive, but Clergy Financial Resources offers 10 tax tips on deducting some of those expenses if your move is related to starting a new job or a new job location. Move must be closely related to start of work: Generally, you can consider…
Summer Day Camp Expenses May Qualify for a Tax Credit For Clergy
Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. Clergy Financial Resources has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 years…
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…
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…
