This Week In Common

This fee tax seminar will be held on Monday, March 12 from 1:00 p.m. until 4:30 p.m. in room 20 of the Bethany Center. It will cover what every seminary student needs to know about education deductions and credits. And for those who are licensed, ordained, or hoping to become so, they can come find out what happens when clergy and income taxes come face to face.

We'll start with an overview of the tax breaks for education that apply to graduate students. Then we'll spend the rest of our time on clergy taxes. We'll cover the definitions of clergy and clergy income, when the special tax rules on clergy apply, and the two taxing systems that apply to all ministerial income earned by clergy.

We'll work through a few examples, focusing on how clergy income is reported and the difference between Form 2106 (Employee Business Expenses) and Schedule C (Profit or Loss from Business) expenses. Then we'll look in depth at how, when, and why clergy expenses are reduced, and how net income subject to self-employment tax (Schedule SE) is calculated. Both theory and practice will be stressed throughout the seminar.

The presenter will be Rev. Deb Oskin, a member at the Living Peace Church of the Brethren in Columbus, Ohio. Deb is an Senior Tax Advisor for H & R Block during tax season and soon will receive the designation of Enrolled Agent, the highest assessment of competence to represent clients before the IRS during audit proceedings. Deb has been doing clergy taxes for 18 years, eight of them professionally and teaches an H & R Block three hour course on clergy taxation.

Please *RSVP* to Brenda Reish so she can have enough handouts available. You can write to Brena at reishbr@bethanyseminary.edu or call her at 765-983-1804 to tell her you are coming.