The Tax Cuts & Jobs Act introduced a 20% deduction for qualified small businesses. As a pastor, even if you don’t have a side business, you may still be able to take advantage of it. View post
In just a few short weeks, tax season begins! Now, this isn’t like the Christmas season where everyone is giddy, singing, and trying to start it earlier and earlier each year. For most people, tax season is more akin to going to the dentist than to Disneyland. This year, though, there is more excitement than normal. Why? Because we have new tax forms, thanks to the new law that was passed a year ago. What, you don’t think that’s exciting? It’s ...
A recent court case helped to clarify when pastoral gifts are considered taxable income. Make sure you know how to classify your income to avoid owing penalties and back taxes. View post
The most commonly asked question regarding the new tax reform bill that went into effect at the beginning of the year is, “How will it affect me?” Since everyone’s situation is different, no amount of searching on Google is going to give you the right answer. The most accurate answer you can find will come from doing calculations based on your 2017 tax return. If you anticipate being in the same, or a similar, financial situation for 2018 as you ...
I’ve been getting a number of questions regarding the tax reform bill that went into effect on January 1, 2018. Here they are with some answers: View post
Now that the GOP tax reform bill is finalized, how does it affect pastors? Let’s take a look at the changes being enacted into law and how they might affect you. View post
December 20, 2017 Update: A final version of the tax reform bill has been passed by Congress. Find out how it will affect you here. View post
December 20, 2017 Update: A final version of the tax reform bill has been passed by Congress. Find out how it will affect you here. View post
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. View post
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: View post