Artwork

Sisällön tarjoaa Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
Player FM - Podcast-sovellus
Siirry offline-tilaan Player FM avulla!

Ep 47 ~ Tax Issues for Ministers

14:58
 
Jaa
 

Manage episode 386548997 series 3453775
Sisällön tarjoaa Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
  1. Dual tax status = EE for income tax purposes, but considered SE for FICA tax purposes
  2. Minister should make ETP throughout the year to help pay for the SE taxes that will be due on their income to avoid underpayment penalties if they owe over $1,000 tax liability
  3. EE vs IC IRS link Publication 1779 download
  4. HA is exempt from Federal Income Tax, but IS subject to SECA and has limitations on the amount that can be designated
  5. Business expenses must be allocated between taxable and nontaxable income (calculated on the 3 Clergy worksheets on the ministers tax return)
  6. Special rules apply to retired ministers who receive any of their retirement benefits as HA
  7. Form 4361 explanation (filed within first 2 years of earning minister earnings of $400 or more) - NON revocable
  8. Due to TCJA until 2025 the Misc. Itemized deduction subject to 2% AGI limitation is not allowed. However, if the minister has unreimbursed job expenses, he can subtract them from SE earnings on Worksheet 3 of the Clergy Worksheets in the minister's 1040 tax return
  9. Gifts given to active ministers may actually be compensation for services rendered and therefore included as taxable income.

I hope this information is helpful to you.

xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps biz owners

https://churchfinances.ck.page/guide everybody

Looking for a group of like-minded people that want to keep Jesus at the center of everything they do?

If you’re a business owner looking for help serving your clients with excellence, check out my Mastermind program The Bookkeepers Next Level @ www.bookkeepersNextLevel.com

If you’re a church staff member or volunteer looking to serve your local church with excellence, check out my membership group The Bookkeepers Inner Circle @ www.bookkeepersInnerCircle.com

Schedule a Consultation:

https://churchfinances.org/consult

  continue reading

69 jaksoa

Artwork
iconJaa
 
Manage episode 386548997 series 3453775
Sisällön tarjoaa Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent. Michelle R Brown, EA, Christian Business Mentor, Enrolled Agent, Michelle R Brown, EA, Christian Business Mentor, and Enrolled Agent tai sen podcast-alustan kumppani lataa ja toimittaa kaiken podcast-sisällön, mukaan lukien jaksot, grafiikat ja podcast-kuvaukset. Jos uskot jonkun käyttävän tekijänoikeudella suojattua teostasi ilman lupaasi, voit seurata tässä https://fi.player.fm/legal kuvattua prosessia.
  1. Dual tax status = EE for income tax purposes, but considered SE for FICA tax purposes
  2. Minister should make ETP throughout the year to help pay for the SE taxes that will be due on their income to avoid underpayment penalties if they owe over $1,000 tax liability
  3. EE vs IC IRS link Publication 1779 download
  4. HA is exempt from Federal Income Tax, but IS subject to SECA and has limitations on the amount that can be designated
  5. Business expenses must be allocated between taxable and nontaxable income (calculated on the 3 Clergy worksheets on the ministers tax return)
  6. Special rules apply to retired ministers who receive any of their retirement benefits as HA
  7. Form 4361 explanation (filed within first 2 years of earning minister earnings of $400 or more) - NON revocable
  8. Due to TCJA until 2025 the Misc. Itemized deduction subject to 2% AGI limitation is not allowed. However, if the minister has unreimbursed job expenses, he can subtract them from SE earnings on Worksheet 3 of the Clergy Worksheets in the minister's 1040 tax return
  9. Gifts given to active ministers may actually be compensation for services rendered and therefore included as taxable income.

I hope this information is helpful to you.

xo, Michelle Next Steps: Grab Your Freebies:

https://churchfinances.ck.page/6steps biz owners

https://churchfinances.ck.page/guide everybody

Looking for a group of like-minded people that want to keep Jesus at the center of everything they do?

If you’re a business owner looking for help serving your clients with excellence, check out my Mastermind program The Bookkeepers Next Level @ www.bookkeepersNextLevel.com

If you’re a church staff member or volunteer looking to serve your local church with excellence, check out my membership group The Bookkeepers Inner Circle @ www.bookkeepersInnerCircle.com

Schedule a Consultation:

https://churchfinances.org/consult

  continue reading

69 jaksoa

Kaikki jaksot

×
 
Loading …

Tervetuloa Player FM:n!

Player FM skannaa verkkoa löytääkseen korkealaatuisia podcasteja, joista voit nauttia juuri nyt. Se on paras podcast-sovellus ja toimii Androidilla, iPhonela, ja verkossa. Rekisteröidy sykronoidaksesi tilaukset laitteiden välillä.

 

Pikakäyttöopas