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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
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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
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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
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
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
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
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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
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
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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
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