Black Friday Deals and Tax Savings
Thanksgiving is a time for love and family. However, the focus quickly pivots the day after. There are many retail stores out there and they all want your business offering the latest and greatest Black Friday Deals. While I don’t have any advice on where to shop or what to buy, I can tell you how some of your shopping on Black Friday can lead to future tax savings.
Unlike most taxpayers, Clergy can use every deduction they can get. This is because of the potential to save on both income tax, and self-employment tax (your Social Security and Medicare tax). Below are some ideas on how to get a double saving; both in the store and on your tax return.
My wife is a member of the clergy, and I know how much you need your books! I’m sure stores like Barnes and Noble, and even your local book store will have deals going on this weekend. Books that are related to your work as clergy are tax deductible. So, while you’re shopping this Friday, and you’re stumped working on next week’s sermon, ask yourself if you need any new source materials.
Machinery and Equipment
From computers to cellphones, there are many things that members of the clergy use to communicate with their congregants. There are always Black Friday deals when it comes to gadgets and equipment. If you are required to use these devices for your job, they can be a tax break. Some devices in this category include the following:
There are many more tax breaks that are possible and available. To find out what deductions you qualify for, please contact us at Jacobson Clergy Tax Service. We are always available and happy to help.