Most ministers have a "dual tax status". Generally, they are employees for income tax purposes but are always self-employed for social security purposes with respect to their ministerial income. Ministers working for a church or church agency should receive a Form W-2. Ministers, who report their federal income taxes as self-employed on Form 1099, may face a significant risk of additional taxes and penalties, if they are audited and reclassified as employees by the IRS. Click for more information.
- 0 Users Found This Useful
Related Articles
Oct. 15 Tax Deadline
The federal tax filing deadline for extension filers is quickly approaching on October 15, 2014....
Most Extreme Tax Deductions of 2015
When it comes to tax season, taxpayers will always try to find ways to get the most money from...
E-file has begun - Start Today!
It is finally here! Horay! TruPoint Accounting & Tax has guaranteed high quality service...
Form 3115 and New Tangible Property Regulations (TPR)
FIRST, ALL BUSINESSES MUST FILE FOR A CHANGE IN ACCOUNTING METHOD ON FORM 3115 WITH THEIR 2014...
How do I check my refund status?
Where's My Refund? - It's Quick, Easy and Secure What you need to check the status of your...
