Category Archives: 02 – February 2015

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

Posted in 02 - February 2015, Informational Manuals, Internal Revenue Service, Tax Information | Leave a comment

Mileage

Documentation of expenses is vital to an acceptable accountable reimbursement plan. Mileage driven in the course of business is generally the minister’s greatest expense. Some ministers have contended that every mile they travel is in the furtherance of their business … Continue reading

Posted in 02 - February 2015, Chaplains/Evangelists, Expenses, Informational Manuals, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Would a Webinar Help?

We are receiving so many questions about tax issues and the Affordable Care Act, as well as a variety of other issues such as the ministerial housing allowance, we are discussing the benefit of having a webinar where our President, … Continue reading

Posted in 02 - February 2015, Health Care, Informational Manuals, Internal Revenue Service, Ministers, Pay Roll Taxes, Retirement Contributions, Retirement Distributions, Tax Information | Leave a comment

No Self-Employment Tax on Retirement Income from Benefits Board

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

Posted in 02 - February 2015, Chaplains/Evangelists, Informational Manuals, Internal Revenue Service, Ministers, Retirees, Retirement Distributions, Tax Information | Leave a comment

Paying Taxes on Amounts Withdrawn Early from Pension Funds

Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn.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

Posted in 02 - February 2015, Form 1099, Informational Manuals, Internal Revenue Service, Retirement Distributions, Tax Information, Withdrawals | Leave a comment

The Earned Income Tax Credit

The question arises as to whether or not a minister’s housing allowance or the fair rental value of the parsonage is earned income for purposes of calculating the earned income tax credit, or EIC. The tax code is clear that … Continue reading

Posted in 02 - February 2015, Form W-2, Informational Manuals, Internal Revenue Service, Ministerial Housing Allowance, Tax Information | Leave a comment