Least Possible Tax Liability

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It is time to do my taxes as a minister. What do I need to do to ensure I utilize my efforts with my tax preparer so as to have the least possible tax liability? First, you need to consult with your tax preparer ahead of time to be certain you

Changes in the Tax Law Affecting Ministers

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I understand there are several changes in the tax law that could affect a minister’s filing. Can you provide some of these? Yes, as always, there are changes in the tax law. Highlighted below are some of these.  The educator expense deduction of up to $250 has been extended for 2015.  The tuition

Housing Allowances for Evangelists?

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I am a full-time evangelist and drive from church to church for services. Can an evangelist have a housing allowance and if so, how is this established? Yes to your question. First of all, however, you need to be sure you have an established residence. For example, if you live in

Bonuses and Gifts

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Every year we provide bonuses and gifts to our employees at Christmas time. Is there any way to give these and not include the amounts on the employee’s W-2 forms as taxable income to them? According to the current regulations, any bonus paid to an employee is considered as normal income

Owing Back Taxes to the IRS

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Recently, I received a phone call from a person stating they were with the Internal Revenue Service. The individual stated that I owed back taxes and that the IRS was about to sue me for the payment of those taxes. Is this legitimate or just a scam? First of all, the

Retirement Plans

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I have been pastoring for about eight years and as of yet have not set up any type of retirement plan for myself. I understand that the church can fund certain type plans or I can wait until I retire and the church can set up some type of self-funded

Keeping Legal and Accounting Documents Current

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What is necessary to ensure that the church legal and accounting documents are current and up-to-date? I don’t want to get involved in possible litigation and be vulnerable by not having all the church records in order. Maintaining the proper records is not difficult. Our recommendation is as follows: Be sure your

Finance

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By Aubrey Jayroe I understand that there was a court ruling several months ago that questioned the constitutionality of the clergy housing allowance. Has anything transpired regarding the clergy housing? Yes. A judge in Wisconsin declared the clergy housing as unconstitutional several months ago.  Fortunately, however, this has changed. The decision was appealed