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Category Archives: Internal Revenue Service
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
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
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
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Paying Taxes on Amounts Withdrawn Early from Pension Funds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 “Two Home” Housing Allowances
In a December 2010 decision, the United States Tax Court, in a case involving a Cleveland, Tennessee minister, took a totally different approach in dealing with a minister’s assertion that he could claim two homes under the ministerial housing allowance … Continue reading
