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Author Archives: benefitsboard
Requesting an Extension to File Your Taxes
Since 2006, the Internal Revenue Service has made it easier for you to get a six month extension on filing your individual tax return. In previous years, you could file an IRS Form 4868 and get an automatic extension of … Continue reading
Paying Your Taxes
Do you owe taxes this year? When paying your taxes to the government, make sure that you do not make your check payable to the Internal Revenue Service. Instead, your check should be made payable to the United States Treasury. … Continue reading
Audit Tips
Your chances of being audited by the Internal Revenue Service are going up, but only slightly. It is helpful to look at a historical perspective to have a better understanding. For example, in 2001 the IRS audited 732,000 individual returns … Continue reading
Church Loan Rates as Low as 6.75%
Beginning in 2011, the Church Loan Fund started offering church loans to Church of God congregations across the United States. The Church Loan Fund is run by the knowledgeable loan staff that previously managed the loan portfolio for the Ministers’ … Continue reading
Posted in 03 - March 2013, Church Loans
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Accounting for Losses
For those who participate in the Benefits Board’s equity (stock) accounts, you may suffer a loss in any particular year. We are sometimes asked if you can claim, or deduct, that loss on your tax return. The answer is simply … Continue reading
Posted in 03 - March 2013, Investments, Tax Information
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Refund? Probably!!
While you as a taxpayer would be better off to lower your withholdings rather than giving the government the equivalent of an interest free loan, many over-withhold as a forced “savings plan.” Others over-withhold out of sheer fear of the … Continue reading
Home Office Deduction vs. Ministerial Housing Allowance
Many ministers have an office in their home. For the costs of a home office to be deductible as a business expense for a taxpayer on his or her tax return, the office must be used exclusively and regularly in … Continue reading
Gifts Designated for Pastor
Responding to an inquiry by a constituent of U.S. Senator Johnny Isakson (D-GA), the Internal Revenue Service in 2009 addressed the tax consequences of a church member’s contribution to his local church when the donor designated the contribution to help … Continue reading
Most Common Mistakes on Tax Returns
If you have not yet filed your tax return, you should be aware of some common mistakes that the IRS says occurs on tax returns. These simple mistakes could delay the processing of your return or delay your expected refund. … Continue reading
Things to Do Before You Die
No one lives forever!! While that concept is known to everyone, some act as though they are going to live forever, never giving a thought to what would happen to their “estate” should they die. The common response is “I … Continue reading
