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Category Archives: 03 – March 2011
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
Possible Change to Minimum Required Distributions
Under current law, a participant in an employer-provided retirement plan, such as the Ministers’ Retirement Plan, who reaches the age of 70½ must begin to take at least minimum required distributions from his or her pension account unless the participant … Continue reading
Church Loan Rates as Low as 6.75%
Beginning the first of 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 … Continue reading
Posted in 03 - March 2011, Church Loans, Ministers
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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
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
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
