How The New Tax Law Affects Unreimbursed Business Expenses For Pastors
While pastors can no longer deduct unreimbursed business expenses on Schedule A, they can subtract them from their taxable income on Schedule SE. View post
Are Pastors Eligible For The 20% Qualified Business Income Deduction?
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
The 2018 Form 1040: How It Looks & What It Means For You
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 ...
Pastor’s Love Offering: Gift Or Taxable Income?
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
How To Estimate Your Taxes Under The New Tax Bill
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 ...
Your Tax Reform Questions Answered
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
How The Final Tax Bill Affects Pastors
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
How The Tax Reform Bill (Tax Cuts And Jobs Act) Affects Pastors
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
How Does Trump’s Proposed Tax Reform Affect The Clergy Housing Allowance And 4361 Exemption?
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
What Every Taxpayer Needs To Understand Now
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