2012 taxes

Pastors Tax Basics: Filing 2012 Taxes

If you are a pastor, then it’s a good idea to start considering tax preparation for your 2012 taxes. Pastors are faced with confusing rules when it comes to their tax status and how and when to pay their taxes. The U.S. government allows pastors to be considered as both employees and self-employed depending on a pastor’s individual situation. For this reason, pastors taxes must be planned carefully and discussed with a professional.

Here are some pastors tax basics if you’ve already begun getting your 2012 taxes together.

Tax Status

Due to the fact that pastors can be classified as… Continue reading

For a Smooth Tax Season Start Clergy Tax Preparation Early

As the end of the year approaches, so do thoughts of the upcoming tax season. In order for 2012 taxes to go smoothly, it often behooves us to start thinking and preparing for tax time before the year is over. This is especially true for church clergy. They have an array of interesting and complex tax issues that they need to decipher before tax season so it is often suggested that they start early on their taxes.

When it comes to clergy taxes, it’s important to keep good records of all business related expenses throughout the year. Rather than struggling… Continue reading

Estimating Tax Payments for 2012 Taxes

If you currently have income that is not subject to tax withholding, you are inevitably dealing with estimated tax payments. A very common example of those dealing with estimated tax payments are church pastors. Pastors taxes often involve estimated payments and it is imperative that these be submitted accurately and in a timely manner to ensure that you’re not underpaying taxes and therefore avoiding penalties for underpayment.

Tips for Estimating Tax Payments for 2012 Taxes 

Determine your expected adjusted gross income by taking last year’s income and adjusting based off of any changes you experienced during the current year.… Continue reading

Ministers Take Note: Tips for Properly Filing Your 2012 Taxes

It’s been said that there are two things in life that you can count on, death and taxes. If you’re a minister you’ve most likely got the first one covered, it’s the taxes that may cause some issues. Minister taxes can be somewhat complicated, so if you’ve been called to the ministry it may be a good idea to consider preparing your 2012 taxes early and to talk with a tax professional about the best ways to properly file your taxes. 

As a minister that earns income, you still have to file taxes with the IRS and the state… Continue reading

Recommendations for Year-End Tax Preparation

The leaves are falling, the temperatures are dropping and the holidays are just around the corner. This means that the year is quickly winding down which also means it’s time to start thinking about 2012 taxes. Early tax preparation is the key to a seamless and stress-free tax season. Clergymen can especially benefit from early tax preparation as their taxes often need to be approved by a tax professional to ensure that they are accurate.

According to a blog post on clergytaxnet.com, there are several tax-related things that clergymen need to consider and possibly apply before the end of the… Continue reading

2012 Taxes: A List of Miscellaneous Pastor Business Expenses

From moving expenses to personal computer expenses, there are a number of miscellaneous business expenses that pastors can deduct from their federal income tax liability when preparing their 2012 taxes. These include an array of church-related travel and transportation expenses, entertainment and home office expenses.

Here is a list of other expenses to keep in mind for tax preparation this year that is generally tax deductible.

Contributions to a Religious Organization

Contributions made by the pastor to the church are deductible as charitable contributions on Schedule A. If donations are required of the church leader, then these donations are deductible… Continue reading

Tax Preparation for Pastors: Medical Insurance Deductions

Medical Insurance is a major factor when it comes to family finance whether you’re a member of the clergy or not. With always- increasing medical costs, the issue of medical insurance and figuring all possible deductions is essential.  In general, tax preparation for pastors can be somewhat complicated and oftentimes requires the assistance of a professional tax preparer. However, when it comes to rules concerning deductions for medical insurance, the rules are the same for pastors and clergy as they are for the general public. But just in case you’re wondering here are guidelines for medical insurance deductions if… Continue reading