Don’t Miss These 3 Tax Deductions!

Top three Tax Issues for Ministers There are three unique aspects to a minister’s taxes. A minister occupies the unusual status of being a dual-status taxpayer. He/she is considered an employee for income tax purposes and self-employed for social security and Medicare. One implication starts the day he becomes employed as an ordained minister. The…

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Paid Preparer or DIY Software?

Tax Software For Ministers   A frequent mantra that I often repeat is “Minister’s taxes are not hard, they are just different.” Of course, easy is a relative term. For us, many tax returns are not difficult because we have prepared thousands of minister returns. Most people, including many preparers, do not know the differences…

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What is Unrelated Business Income for Churches?

As a general rule, churches do not pay federal corporate taxes. This is by virtue of a church enjoying federal tax-exempt status under Section 501(c)(3) of the federal tax code. While churches are exempt from business taxes for their activities consistent with their exempt (religious) purposes, churches sometimes engage in activities that are unrelated to…

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IRS Begins Correcting Tax Returns

The IRS will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan (ARP) later excluded from taxable income. These corrections are being made automatically in a phased approach. The first phase of adjustments is being made for single taxpayers who had the simplest…

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Tax Payment Deadline & Voluntary Withholding

Quarterly Tax Payment Deadline & Voluntary Withholding Now that the May 17 deadline for filing federal tax returns has passed, the next deadline that is relevant to many ministers is the quarterly estimated tax payment due on June 15, 2021.   Ministers are Exempt from Withholding Requirement: Ministers are exempt from having employing churches withhold…

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Are Moving Reimbursements Taxable?

The approaching summer season is often a time of transition. During this time of year churches frequently hire new employees who relocate to serve the church. Ministers and other church employees sometimes find new opportunities and make a change during the summer months, between school years. Coming out of the disruptions caused by COVID-19, many…

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Important Documents for Churches to Keep

There are certain documents all churches should keep in an important place for future reference. File-Stamped Formation Document, and Amendments: For any church that is incorporated, it is important to retain a copy of the Articles of Incorporation, or Certificate of Incorporation, that was filed with the state or county. Once filed, this document will…

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Important Documents for Ministers to Keep

Important Documents for Ministers to Keep  There are certain documents all people should keep in an important place for future reference, such as a birth certificate, a social security card, or a last will and testament. For ministers, there are a few other important documents that should be retained and kept in a safe place….

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