Income Taxes for Priests Only

*** The 36th Annual Edition for 2022 will be available by mid-January 2023.

*** The 35th Annual Edition for 2021 is what is still available on this site. ***
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*** 35th Annual Edition ***
The Tax Cuts and Jobs Act (TCJA) of 2017, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Families First Coronavirus Response Act (FFCRA), the Consolidated Appropriations Act 2021 (CAA 2021), the American Rescue Plan, and the Infrastructure Investment and Jobs Act all make up what goes into tax laws affecting the 2021 Federal Income Tax Return.

For 2021 tax returns, the IRS has changed Form 1040, and expanded Schedule 1, Schedule 2, Schedule 3, and Form 7202 to name a few.

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.]

It’s at the printer now and starts shipping January 15th.

The Tax Cuts and Jobs Act was the most significant tax reform legislation in over 30 years! In addition, there have been hundreds of regulation and rule changes enacted by the IRS since the passage of the new tax law, and in 2020 the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Families First Coronavirus Response Act (FFCRA), and the Consolidated Appropriations Act 2021 (CAA 2021) all impact current and future years tax returns

There are many changes, including but not limited to:

  • The 2021 Form 1040 is again modified and longer
  • All three Schedules have been modified from one to two pages long.
  • Additional Federal Stimulus Payments and Rebates/Credits
  • Paycheck Protection Program (PPP) Loans for individuals with Schedule C
  • COVID-19 Sick Leave under FFCRA
  • Standard Deductions have been increased
  • An ‘above the line’charitable deduction of up to $300 for those who do not Itemize
  • Itemizers can deduct up to 100% of earnings
  • New tax brackets at the lower tax rates have been updated for inflation with many other updated figures.

Continuing:

  • Option for State Sales Tax deduction
  • Reimbursed employee expenses have been eliminated as deductions through 2025
  • The Qualified Business Income Deduction (Pass Through) requires Form 8995.
  • 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.