There are some rather unique tax-filing considerations for members of the clergy. Ministers in all established faiths are not subject to the regular tax-withholding requirements. As a consequence, ministers who wish to prepay their taxes in advance throughout the year must take specific actions to ensure that the amount of their prepayments is sufficient.
Despite the lack of withholding, members of the clergy are generally treated as church employees for income-tax purposes.
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As a homeowner, you understand firsthand that the true cost of ownership far exceeds the mortgage payment. All these costs can create a strain and even cause you to file behind on important obligations, including your property tax payment. Failure to pay off this balance puts you at risk of losing your home through a public tax sale. Learn what you can do to protect your home.
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When you're running a small business, you may need to keep your personnel costs low by choosing the employees that can do the most for your business. So when it comes to the many types of financial employees-- including consultants, accountants, and bookkeepers-- who do you choose? Here is a guide to help you decide who could add the most to your business.
Consultants
A consultant is the best choice if you only need help with a specific aspect of your financial management.
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When you are setting up a new business, you have some options to choose from that can have different impacts when it comes to filing business taxes. If you are going to be working on your own, a sole proprietorship where you use your own social security number is fine. You can also set up a corporation, from which you will receive a salary. This is done by securing a Federal Tax ID Number for your business and filing the correct paperwork.
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If you have been designated by a friend or loved one to act as a trustee for a trust that has been established for a special needs person, it is important to know that your responsibilities will be both significant and specific. For instance, you may be surprised to discover that while a tax return for the trust of a special needs individual can typically be filed just as a personal tax return would be, the dollar amount of exemptions for the affected person can vary a great deal, depending on what type of trust it is.
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