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Financial Planning / Tax Strategies
|Subject: Re: Fulltime Ministry Deduction?||Date: 2/21/2000 8:25 PM|
|Author: geroxx||Number: 29519 of 122524|
My parents where ordained ministers who where missionaries to an indain reservation. They had an accountant/tax person who had them keep ALL receipts. This included food, phone bill, rent, clothes, books, hotel... everything they spent money on they had a receipt for. When they put gas in their cars they got a receipt for it... they then marked down the date and milage reading and which car it was from.
At the end of the year the tax person would take all the receipts and tally them up. she would then deduct them from their income. Most years they spent more than they made. So in the end they did not owe any taxes.
They even kept the receipt for the tax preparation and used it the next year.
I don't know if this was unique to missionaries or to any clergy but I would suggest you talk to a tax preparer/ accountant. It will be worth the $$ in the long run.
Hope this Helps....
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