Category Archives: Expenses

How New EMV Credit Cards Could Affect Churches

One of the most important deadlines of the year is fast-approaching, and most churches don’t even know it. Almost half of the world’s credit card fraud happens in the United States even though only a quarter of all credit card transactions … Continue reading

Posted in 09 - September 2015, Expenses, Uncategorized | Leave a comment

Business Expenses

Business expenses place more ministers in the “cross hairs” of the Internal Revenue Service than any other issue. Claiming excessive business mileage is probably the number one reason that ministers are audited. Usually, churches will adopt an accountable plan that … Continue reading

Posted in 08 - August 2015, Expenses, Ministers, Tax Information | Leave a comment

Identifying and Reporting Business and Professional Expenses

It is normal for a minister to incur out of pocket business expenses throughout the year as he goes about conducting business for the church. However, many ministers and church treasurers are not familiar with how these expenses are to … Continue reading

Posted in 07 - July 2015, Expenses, Informational Manuals, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Creating an Accountable Reimbursement Plan

Only at tax time do many ministers find out that their “accountable reimbursement plan” is not really “accountable” under the rules of the IRS. Included here is an excerpt from theChurch Treasurers’ Manual, available at http://www.benefitsboard.com without charge, which should … Continue reading

Posted in 03 - March 2015, Expenses, Informational Manuals, Internal Revenue Service, Ministers, Pay Roll Taxes, Tax Information | Leave a comment

Mileage

Documentation of expenses is vital to an acceptable accountable reimbursement plan. Mileage driven in the course of business is generally the minister’s greatest expense. Some ministers have contended that every mile they travel is in the furtherance of their business … Continue reading

Posted in 02 - February 2015, Chaplains/Evangelists, Expenses, Informational Manuals, Internal Revenue Service, Ministers, Tax Information | Leave a comment

IRS Announces 2015 Standard Mileage Rates

The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2015. Beginning January 1, 2015, the standard mileage rate for the use of … Continue reading

Posted in 12 - December 2014, Expenses, Ministers | Leave a comment

IRS Announces 2014 Standard Mileage Rates

The Internal Revenue Service recently issued the revised standard mileage rate which is used to calculate the deductible costs of operating an automobile for business purposes during 2014. Beginning January 1, 2014, the standard mileage rate for the use of … Continue reading

Posted in Expenses, Internal Revenue Service, Ministers, Tax Information | Leave a comment

Are You Saving Enough?

A recent study, led by Fidelity Investments Retirement Savings Assessment, found four out of ten retired households report not having sufficient income to cover their monthly expenses. That means that more than 38% of retired households are struggling to meet … Continue reading

Posted in Expenses, Investments, Social Security, Wills and Estates | Leave a comment

Home Office Deduction vs. Ministerial Housing Allowance

Many ministers have an office in their home. For the costs of a home office to be deductible as a business expense for a taxpayer on his or her tax return, the office must be used exclusively and regularly in … Continue reading

Posted in Expenses, Ministerial Housing Allowance, Ministers, Tax Information | Leave a comment

Ministers Should Not Deduct Tithes Pre-Tax

Following guidance given in an unpublished Tax Court decision from 1992, some ministers continue to contend that the tithes they pay to the local church should be treated as a business expense rather than as a charitable deduction. If a … Continue reading

Posted in Expenses, Form W-2, Internal Revenue Service, Ministers, Tax Information | Leave a comment