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.]
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
- 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.