Changed Requirements for Clergy Residence Deduction (Canada)
The Canada Revenue Agency has changed the requirements for the Clergy Residence Deduction (CRD).
This is a public forum to share ideas, ask questions, and reflect on being a pastor in the CRC.
The Canada Revenue Agency has changed the requirements for the Clergy Residence Deduction (CRD).
Are you looking for information on what annual filings are required by churches? Here's a great resource from the IRS, "Tax Guide for Churches and Religious Organizations."
Using Turbo Tax, my housing allowance is placed on line 53 (form 1040) as a tax credit. A year ago, a tax preparer put it on line 21 as negative income (less $xxxx). Which is correct?
This document explains how to claim a deduction for your charitable contributions. The types of organizations to which you can make deductible charitable contributions are explained in the following link,
You can deduct your contributions only if you make them to a qualified organization. IRS Publication 526 discusses the organizations that qualify to receive deductible contributions.
This publication will help you better understand the tax rules that apply to your 403(b) (tax-sheltered annuity) plan. You will understand and identify excessive contributions, basic rules for claiming the retirement savings, and more.
Income tax, social security tax, and Medicare tax are paid on wages and self-employment income. Social security and Medicare taxes are collected under one of two systems...
Do you have questions about your Pastor's earnings regarding SECA or FICA, Income Tax withholdings, or Parsonage Allowance?
The following link redirects you to the IRS Publications.
Do you want to know more about Insurance Coverage for your church? Church Protection Plus offers more than "inside and out" coverage.
It's time for that uncomfortable conversation again: my compensation. I will be pointing to this question, “Is the level of financial support for the minister appropriate and sufficient?"
Barnabas Foundation's Rev. Phil Leo hosts Carolyn Van Allen, CPA, as they share the 5 most common mistakes pastors make on their tax returns.