Pastors

Your income tax forms for 2000 have just arrived in the mail, and already you're about to miss your best opportunity to save money next year. You probably have many questions: should I call an accountant or employ a pencil and a large eraser? Can I deduct my home office? Should I claim depreciation on my ministry-related computer or take the first-year write-off instead? Those are good questions, and the answer is—it depends. But your largest tax savings potential for 2000 has nothing to do with how your return is prepared. After-the-fact planning has little impact on taxes once income has been received, a housing allowance has been designated, and expenses have been paid. As you pull together your W-2s, itemized deduction data, receipts for unreimbursed expenses, notations of your honoraria and fee income, you need to consider the best approach for the tax return you will file in April 2002. A representative or a small committee representing the lay leadership should ...

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