Zondervan 2009 Minister's Tax and Financial Guide: for 2008 Return : For 2008 Tax Returns

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  • Format: Paperback
  • Copyright: 2009-02-01
  • Publisher: Harpercollins Christian Pub
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For years, ministers have trusted the Zondervan Minister's Tax & Financial Guide to save them time and money. This easy-to-understand workbook simplifies the tax code and offers dozens of tips to reduce your tax bill. For 2009, the guide includes a line-by-line explanation of the 1040 Form as well as information on recent changes in the tax code. Dan Busby also explains the easy steps you can take now to minimize next year's tax bill. The 2009 edition includes sound retirement planning helps; compensation planning guidance; ways to maximize business expense reimbursements; and insights into medical expense reimbursements. This publication is also useful to church treasurers and business administrators and to tax preparers who assist ministers.

Author Biography

"Dan Busby masterfully presents these complex issues in a concise, easy-to-understand format." Simeon May, CPA, Executive Director, National Association of Church Business Administration Dan Busby is a certified public accountant with a Master's degree in business from Emporia State University. He has worked as controller of a university medical center, Partner-founder of a CPA firm, and chief financial officer for a religious denomination. He currently serves as acting president of the Evangelical Council for Financial Accountability, Washington, D.C. and he is coauthor of The Christian's Guide to Worry-Free Money Management.

Table of Contents

Recent Developmentsp. 1
Form 1040 - Line by Linep. 5
Taxes for Ministersp. 21
Ministers serving local churchesp. 22
Evangelists and missionariesp. 24
Members of religious ordersp. 24
Ministers in denominational service, on church assignment, and other servicep. 26
Ministers ordained, licensed, or commissioned by a local churchp. 29
Individuals not qualifying for ministerial tax treatmentp. 30
Social security tax status of ministersp. 30
Income tax status of ministersp. 31
Importance of the employee vs. self-employed decisionp. 34
Recommended filing statusp. 35
Compensation Planningp. 37
Determine the current compensationp. 37
Plan the compensation packagep. 41
Use fringe benefits wiselyp. 44
Use accountable expense reimbursementsp. 45
The Pay Packagep. 49
Delaying a portion of your payp. 49
Which fringe benefits must be offered to all employees?p. 50
Tax treatment of compensation elementsp. 51
Reporting compensation, fringe benefits, and reimbursementsp. 70
Housing Allowancep. 73
Types of housing arrangementsp. 75
Establishing and modifying the housing allowancep. 77
Reporting the housing allowance to the ministerp. 80
Accounting for the housing allowancep. 81
Other housing allowance issuesp. 82
Housing allowance worksheetsp. 86
Business Expensesp. 89
Accountable and nonaccountable expense reimbursement plansp. 90
Substantiating and reporting business expensesp. 93
Travel and transportation expensesp. 94
Auto expense deductionsp. 99
Home-office rulesp. 107
Other business expensesp. 109
Allocation of business expensesp. 112
Retirement and Social Securityp. 115
Preparing for retirementp. 116
The fundamentals of social securityp. 119
Taking out your retirement moneyp. 120
The two social security tax systemsp. 121
Computing the self-employment taxp. 123
Both spouses are ministersp. 125
Self-employment tax deductionsp. 125
Use of income tax withholding to pay social security taxesp. 126
Opting out of social securityp. 127
Working after you retirep. 131
Canada Pension Planp. 131
Paying Your Taxesp. 133
Tax withholdingp. 133
Estimated taxp. 135
Excess social security withheld (FICA)p. 135
Earned income creditp. 138
Extension of time to filep. 139
Extension of time to payp. 141
Offers in compromisep. 142
Filing an amended tax returnp. 143
Sample Returnsp. 146
Minister-employee for income tax purposes (accountable plan)p. 146
Minister-employee for income tax purposes (nonaccountable plan)p. 156
Citationsp. 174
Indexp. 180
Table of Contents provided by Ingram. All Rights Reserved.

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