Good record keeping enables ministers to easily take advantage of all the tax credits available under the IRS code. To avoid the last minute crunch of getting all your records together at tax time, organizing and maintaining certain records are very important skills to develop. To get started I have listed a few important things that Ministers would want to keep track of during the year to make tax time easier.
Ministers can receive income from various sources. In addition to minister’s regular salary it is important to keep track of any other income from speaking engagements, love offerings, honorariums, etc. If travel, lodging and meal expenses are incurred while ministering, it is beneficial to keep track of these. Don’t forget to keep track of the mileage, too.
See the next post, as we discuss the housing allowance.
