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1st Quarter Tax Calendar for 2015
By Raul Rivera
Can you believe that 2015 is here? Every year in January, our office gets tons of phone calls from pastors and leaders asking about tax forms and what needs to be filed in January. To that effect, we have put together a tax calendar to educate and guide you in the process. This calendar is specific for churches and ministries. We hope that it helps you in your endeavors to accomplish something great in 2015.
Before January 1st: Have the annual board meeting of the directors. If you do not know what agenda items need to be covered in the annual meeting, we have a service whereby we create your annual minutes for you so that all you have to do is get together with your board of directors, go over each item, and sign off. If you were unable to hold your annual board meeting prior to January 1st, then it is best to hold the annual board meeting as early as possible in January.
January 15th: As recommended by our StartRightTM program, ministers that have had a housing allowance properly designated by the church must add up their qualifying housing allowance expenses by calculating the actual value of the home and the fair rental value.
February 2nd: Consider applying for self-employment tax exemption before your window of time expires on April 15th. This can be big. For more information, call our office at 770-638-3444 and we will help you.
February 2nd: Give W-2 forms to all of your employees, including the pastor. For those of you who have the W-2 and 1099-Misc Kit, all you have to do is go to any office supply store and get the W-2 and W-3 tax forms and put them in your printer, then click the print button for the appropriate forms and out they will come.
February 2nd: Give 1099-MISC forms to independent contractors, including guest speakers and unincorporated landlords, who received $600.00 or more in payments or honorariums for 2014. If you paid anyone royalties of $10.00 or more, give him or her Form 1099-MISC. If you used the services of an attorney and paid him/her $1.00 (one dollar) or more for his/her services, you must issue a 1099-MISC. For those of you who have the W-2 and 1099-Misc Kit, all you have to do is go to any office supply store and get the 1099-MISC and 1096 tax forms and put them in your printer, then click the print button for the appropriate forms and out they will come.
March 2nd: Send Form W-3, Transmittal of Wage and Tax Statements, to the Social Security Administration along with copy A of all employee W-2’s you issued for calendar year 2014. For those of you who have the W-2 and 1099-Misc Kit, all you have to do is go to any office supply store and get the W-2 and W-3 tax forms and put them in your printer, then click the print button for the appropriate forms and out they will come. If you file these electronically, the due date is later in March. Download our 2015 Tax Calendar for more information!
March 2nd: Send copy A of Form 1099 with Form 1096 to the IRS. For those of you who have the W-2 and 1099-Misc Kit, all you have to do is go to any office supply store and get the 1099-Misc and 1096 tax forms and put them in your printer, then click the print button for the appropriate forms and out they will come. If you file these electronically, the due date is later in March. Download our 2015 Tax Calendar for more information!
These are just a few of the key 2015 1st quarter tax dates that you should keep in mind. For more information and key tax dates in 2015, please click on the link below to download our 2015 Tax Calendar.
Download the StartCHURCH 2015 1st Quarter Tax Calendar Here