Form 1040 - Long Form

Discussion in 'Money Talk$' started by Salty, Dec 30, 2010.

  1. Salty

    Salty
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    Since Mrs Salty and I bought a house trailer this year, we will be filing long form for taxes.

    What are your recommendations:

    Do it myself
    Go to a Tax Pro (which one)
    Use a INTERNET provider (which one)
    Have Charlie Rangel do it
    Other answer

    What are the Pro-and Cons

    BTW, in addition to our regular salary, I also had some income from preaching and my (very) small home business


    Salty
     
  2. KenH

    KenH
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  3. Joseph M. Smith

    Joseph M. Smith
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    I also like TurboTax. There are several versions, at different price levels, to accommodate various complexities.

    I have tried one or two of the free online tax softwares, but they turned out to be very limited and hard to use.
     
  4. SaggyWoman

    SaggyWoman
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    I have used tax slayer, but have used several over the years.

    Be careful on your own business, as well as the pastoral stuff.

    If you lived closer here, I would recommend someone.
     
  5. Salty

    Salty
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    I used to live in Winston-Salem - but that was last century :tongue3:
     
  6. David Lamb

    David Lamb
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    ....and if Mr & Mrs Salty lived much closer to here, his tax system would coincide with mine, and it might be worth me replying. What do you mean, "You just did"? :laugh:
     
  7. Joseph M. Smith

    Joseph M. Smith
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    When I first started using TurboTax, it did not properly handle the pecularities of ministers' taxes. But that has been corrected and it works well now.

    David, in the UK do ministers have any special tax provisions to deal with? Here in the US we can have part of our income designated as housing allowance, which means it is no longer taxable income (although one must pay taxes on any portion of it that is not spent for housing purposes, broadly defined). However, whereas most secular workers who are employed by businesses, etc., pay only half of their Social Security/Medicare tax, with the other half paid by their employer, ministers are treated as if they were self-employed, and must pay 100% of that tax, on their gross income, including the housing allowance that was excluded from income tax! Convoluted! What about the UK, and are non-conforming ministers treated any differently from those of the C of E?
     
  8. Thousand Hills

    Thousand Hills
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    Another vote for turbo tax :thumbsup:
     
  9. David Lamb

    David Lamb
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    Our system is convoluted too. I have no direct experience of it, so I would direct you to http://www.hmrc.gov.uk/worksheets/sa102m-notes.pdf which deals specifically with taxation of "ministers of religion". As I looked at it, this caught my eye:

    Books
    – you can deduct the cost of books you purchased for use in divine service or the preparation of sermons. No deduction is available for books or periodicals you use for general background reading.
    I would find it very difficult to draw a fine line between "books used in the preparation of sermons" and those used for general background reading! :)

    There is no difference between Church of England and other ministers as far as I know.

     
  10. rbell

    rbell
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    Joseph is right on both counts. I've used it since 2005 or so.

    For most "normal folk," the mid-priced one seems to handle things fine. (I think it's "deluxe."
     
  11. sag38

    sag38
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    I've used Turbo Tax several times and it works well. Be careful though. It doesn't seem to understand all the nuisances of a pastor's taxes.

    From what you described, at a minimum, you will have to file the following:

    Form 1040
    Schedule C (one for preaching income and one for small business)
    Schedule SE (Social Security and Medicare taxes on profit from preaching and business)
     

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