Week 13 Minister's Taxes
Most important things that I need to Remember about Ministers and Taxes
1. Buy a tax program to use such as Turbo Tax, do not use the free internet service, but actually buy the program.
2. Minister's do not have to pay income tax on housing allowance, but they do have to pay social security tax on the housing allowance.
3. Don't be unethical when it comes to filing taxes even if you have to pay more.
4. Most Churches reimburse the Social Security tax you pay on your housing allowance, or at least part of it.
5. You can deduct the interest you pay on your house if you own it, (the "double-dipping" principle)
6. Go to the DS with tax issues because this is his/her job.
No comments:
Post a Comment