The Financial Realities of Elder Care & Long-Term Care Insurance
Which tax reporting form should I use? It’s one of the most common questions tax professionals hear from clergy. Clergy salaries are taxable. In fact, ordained ministers have a dual tax status.
For federal income taxes, they’re considered an employee. But for Social Security and Medicare taxes, they’re classified as self-employed. That makes tax planning for ministers very different from tax planning for lay church employees or other workers.
It’s to your advantage to work with a tax professional who understands clergy taxes. But MMBB is also here to provide guidance.
For More Information on Tax Reporting, Click Here
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