This is perhaps the busiest season for clergy of all faiths, but remember to take time to attend to a few important tasks before the end of the calendar year.
Your Accountable Reimbursement Plan
Setting the designated amount of expenses for your Accountable Reimbursement Plan is crucial before the end of the year. Designate an amount of expenses you expect to request for reimbursement in 2012 for ordinary and necessary expenses such as mileage and travel expense (not commuting expenses), books and study materials, subscriptions to professional journals, business meals, computer, peripherals and software. Remember that if expenses are less than the year’s designated amount, the remaining benefit is lost. Unreimbursed expenses in excess of the designated amount can be claimed as a business expense on Sch A and are subject to the 2% of AGI limitation.
Clergy typically give generously to churches and charitable organizations throughout the year. If you are able to itemize your deductions on Schedule A and would like to make end of the year donations to a special fund or organization, be sure to make your contribution before 12/31/2011.
Pension and IRA Contributions
Any personal contributions you wish to make to your church pension plan must be made before the end of the calendar year for 2011. Traditional IRA and Roth IRA contributions for 2011 may be made as late as April 15, 2012.
https://clergytaxpro.net/taxes/wp-content/uploads/2016/12/logo-dark-300x83.png00Susanhttps://clergytaxpro.net/taxes/wp-content/uploads/2016/12/logo-dark-300x83.pngSusan2011-12-06 21:13:072011-12-06 21:13:07'Tis the season!