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Category Archives: Form 1099
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
No Self-Employment Tax on MRP Retirement Income
At tax time, the Benefits Board gets a lot of questions about the IRS Form 1099-Rs that are sent to participants in January showing the amount of the participant’s distributions for the previous year. The most common question regards whether … Continue reading
Reporting Contributions by Chaplains and Evangelists
Chaplains and evangelists are the only participants in the Ministers’ Retirement Plan who can make direct contributions by personal checks to their retirement accounts. All others must make their contributions by salary reduction or by employer contributions through an employer … Continue reading
Paying Taxes on Amounts Withdrawn Early from Pension Funds
Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn. The answer is simply yes. You must include as a part of your income … Continue reading
No Annual Interest Statement from Board
Each year as participants begin to get all their tax information together, they realize that they have not received a Form 1099-INT from the Benefits Board showing the amount of interest they earned on their retirement account during the previous … Continue reading
Helpful Hints When Choosing a Tax Return Preparer
While most tax preparers provide excellent service to their clients, the IRS urges taxpayers to be very careful when choosing a tax preparer. You should be as careful as you would in choosing a doctor or a lawyer. It is … Continue reading
Additional Tax Tips
During the holiday season in years past, each taxpayer use to receive another package in the mail from their favorite uncle. Yes, “Uncle Sam” would send a package immediately after Christmas that contains your tax forms for filing your income … Continue reading
Employee (W-2) or Self-Employed (1099)?
If you are a pastor or employee of a Church of God church or related entity, you should receive a Form W-2 from your employer by no later than February 1. While many minister (and churches) continue to claim that … Continue reading
New Video Clips Available from Benefits Board
Our latest project at the Benefits Board is a few short, informative videos we believe will be helpful to church members, pastors, and especially church treasurers. To access the five new videos, simply go to our website, http://www.benefitsboard.com, and click … Continue reading
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
