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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
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
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
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
Paying Taxes on Amounts Withdrawn Early from Pension Funds
Some participants question whether they have to include money that is withdrawn early from their pension account as income in the year that it is withdrawn.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
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