In order to get the largest refund possible as a minister, it is important to understand the basics of how a minister’s tax return may be different from other returns.
1. Most ministers are considered employees for Federal Income Tax purposes and are paid on a W-2. However, some ministers are s... [Read More...]
While the rest of us are dreaming of tax deductions, you, as a member of the Armed Forces, are likely trying to figure out which of your military pay is excludable from taxable income. You are probably aware that combat pay is not taxable while serving in a combat zone. Knowing where your other excl... [Read More...]
You have finally decided to make some long awaited improvements on your home. As you finalize your plans you should really consider taking advantage of potential tax credits for your home. Make sure you incorporate upgrades that not only will improve the look of your home but its energy effectiven... [Read More...]
Earned Income Tax Credit (EITC) is a refundable credit. Refundable credits can actually increase your federal refund. Think of EITC as a ‘payment’ the Federal government gives to low- to moderate- income workers to get a break when they do their taxes. The catch is not everyone qualifies for EITC... [Read More...]
Before you efile your federal taxes this year, you may want to take a moment to get to know the standard deduction a little better. A standard deduction is a dollar amount, based on filing status, which reduces income on which you are taxed, with additions for age or blindness. This differs from ite... [Read More...]