One of the financial benefits of being a Clergy (Minister, Pastor, etc.) is that they may receive a parsonage (housing) allowance as part of their compensation. In most cases, these amounts are received tax-free. However, these amounts are not exempt from self-employment taxes unless you have an exemption from the IRS. Check out this article from the IRS for details on how to deal with this allowance.Topic no. 417, Earnings for clergy
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Figuring out your correct tax withholding is one of the most frustrating things. Many of my clients thought they were completing their W4 correctly, to find out at the end of the year that their company under-withheld taxes. This is a good article, but please always check your Paystubs to ensure the percentage of tax withheld is consistent with your federal tax return rates. Please email me with questions about your W4!
Beneficial Ownership Information (BOI) reporting and Corporate Transparency Act (CTA) enforcement are on pause once again after the Fifth Circuit Court reversed its own decision. Read more about the ongoing case at: https://t.co/J9ovhvnUYj
Looking forward to your #IRS tax refund? After you see a sent date on “Where’s My Refund,” please wait five days to check with your bank about your money, since banks vary in how and when they credit funds. See https://t.co/PFiedQt3bX
#FriendlyReminder: Retirement contributions for 2023 can be made to an IRA until the #IRS tax filing due date → April 15, 2024. See: https://t.co/B9zk2T62r1 #ValentinesDay
Are you saving enough for retirement? Here’s a #FriendlyReminder from the #IRS that IRA contributions for 2023 can be made until April 15, 2024. See: https://t.co/ybU2VZ2gIA
Hey, #TaxTwitter: the #IRS is offering a free webinar called ‘Inflation Reduction Act: New and Used Clean Vehicles.’ Register to join us on TODAY at 2 p.m. (ET): https://t.co/GO8GYR8H1N
The #IRS website is an excellent source to obtain tax forms, instructions and publications. Here’s a #FriendlyReminder that you can download and print forms for free at: https://t.co/Lrh0KNUVV9
Great information regarding EV tax credit for 2023. This credit is limited by income, purchase price, and date purchased. Let me know if you have any questions.
Treasury Department aims to make it easier to get $7,500 EV tax credit in 2024 https://t.co/I3GFdzDWDj