What We offer
Tax Services Information
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At Landmark Tax Service we guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.
Financial Planning
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Financial Planning is an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it's not just about buying products like a pension or an IRA. It might involve putting appropriate wills in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely, spending money differently, but it involves thinking about all of these things together i.e. your 'plan'. You can build a plan on your own, or if your needs are more complex you might want the help of a Certified Financial Planner (CFP®).
Clergy and Called Worker Services
Housing Provided
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Oftentimes a religious organization or church will provide a home for their minister and the cost or value of the home is not considered taxable for income tax purposes, even though it is provided as part of the minister’s compensation. Furthermore, if a church does not provide a home or parsonage, the minister can deduct the fair rental value from his taxable income, as long as the value does not exceed the reasonable pay for the minister’s responsibilities.
Health Insurance
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Ministers may also take deduction for health insurance. As with any self-employed individual, ministers can deduct 100 percent of their health insurance premiums. However, this is only available if the minister is not eligible to participate in a group insurance plan.
Housing Allowance
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If the church does provide the minister with a housing allowance as part of his compensation, it is not taxable for income tax purposes. However, the amount of the housing allowance must be specified prior to its being paid.
Other Minister Tax Considerations
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Then Jesus said to them “Give to Caesar what is Caesar’s and to God what is God’s.”
Tax Tips for Clergy and Other Called Workers | Tax Preparation Services | Housing Allowance
We welcome any questions or comments you may have. Feel free to contact us at any time
Landmark Tax Service – 99 Tulip Avenue, Suite 201 | Floral Park, NY 11001
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Please feel free to contact us directly here.
