It can be so frustrating watching other people make mistakes when you know better. In this post I go through several mistakes that I have personally witnessed in hopes that it will help you avoid them and their ugly consequences.
Federal tax laws are so complicated that most people outsource tax preparation and have little understanding of how it all works. Do you know how your taxes are calculated? Or the difference between a credit and a deduction? It’s your hard-earned money and your government, so you really should.
Taxes are a huge part of our lives as American citizens. However, there’s a lot of confusion when it comes to taxes. After all, the Federal Tax Code has about 3 million more words than the Bible. There are a lot of myths floating around regarding taxes, and it can be hard to separate fact from fiction. Here are some common beliefs regarding taxes and the truth behind them:
Both President-Elect Donald Trump and Republicans from the House of Representatives have drafted tax reform proposals. What are the chances of tax reform passing in 2017 and how would it affect you?
If you are a church employee, you may have to file Schedule SE (even though you’re not self-employed) and pay double payroll taxes. This is why.
The housing allowance is one of the greatest IRS benefits provided to ministers. If you haven’t been taking advantage of it, you really should. Taking a housing allowance will save you a lot of money come tax time.
This post breaks down all of the major types of income a pastor can earn and explains how the IRS treats them for Social Security, income tax, retirement plan and payroll tax purposes. It is based on IRS Publication 517.
Licensed and ordained pastors and ministers receive special treatment by the Internal Revenue Service. One privilege they have is the opportunity to exempt themselves from our nation’s Social Security system. This is a step-by-step guide explaining exactly how to opt out of Social Security.