Is Your Housing Allowance Taxable?
When you receive a call, many times you are given the choice between a housing allowance or access to a parsonage (or manse). Today we will be discussing the housing allowance and its potential taxability. First, while the housing allowance may be excludable from federal income tax, it cannot be excluded from the Clergy’s self-employment tax calculation (unpaid Social Security and Medicare Tax). However, while Clergy may get hit with the 15.3% SE tax on housing, they can sa
What Do You Need To Bring Your Tax Accountant?
One of the most common questions I get asked is what do I need to complete my tax return. In order to provide assistance, I have surmised a brief list. Please send in: Copy of last year’s Federal and State tax return All W-2s, 1099s, and a list of any other income (source and amount; when in doubt, list it) Forms 1099-R (Detail of Retirement withdrawals in 2015) Forms 1099-INT and 1099-DIV (Interest and Dividends) A list of all rental property owned during 2015 (description,
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