Income Taxes for Priests Only

The 33rd Annual Edition will be available mid-January 2020.  Please check back January 1st for updated ordering information.  Orders placed at this time will still be the 32nd edition and 2018 tax information.

*** 32nd Annual Edition ***

A comprehensive guide to assist priests in preparing their Federal Income Taxes in the easiest, most accurate and cost effective way. Order now!  [Click on the book cover to the right or scroll down and click on the ‘order’ buttons below.]

Read about

The Tax Cuts and Jobs Act is the most significant tax reform legislation in over 30 years!

There are many changes, including but not limited to:

  • Form 1040 has been reworked, modified, and shortened
  • Six (yes six) new Schedules have been added to Form 1040
  • Standard Deductions have been increased
  • Personal exemptions have been eliminated
  • The Qualified Business Income Deduction has been added
  • Unreimbursed employee expenses have been eliminated as deductions
  • Itemized Deductions have changed and some have new limits
  • New tax brackets with lower tax rates

Continuing:

  • Option for State Sales Tax deduction
  • Deduction for clergy teacher expenses
  • Higher limits for retirement savings credit
  • Tax free distributions directly from IRA’s to charities
  • Special tax treatment for housing and food (with conditions)
  • More changes and features included in this year’s edition.

Highlights of contents

  • Recent changes to tax laws applicable to priests
  • The unique tax reporting requirements for priests based on their dual status of:
    • Self-employed for Social Security tax purposes, and
    • Taxed as employees for Federal income tax purposes
    • Tax deductions common to priests
    • Salary and allowances common to priests and the tax consequences of each
    • Retirement savings options and the tax benefits of each
    • Administrative procedures assisting the parish bookkeeper in reporting requirements
    • Time and tax-saving techniques
    • Current year sample tax returns.