If a savings or checking account is set up by the church to help the pastor with medical expenses, are those monies considered as taxable income to the pastor?
I believe such an account would be taxable. I would check into a health savings account and see if there is a way to set it up as a nontaxable plan. You may want to consider consulting a CPA or insurance representative regarding this matter.
Know the answer? Face the same situation? Please post your answer or comment by using the "comment" link below. Thank you!
Need training on how to use QBO or Aplos effectively for a church or better yet ...need an expert in either of those accounting software to do your monthly bookkeeping and/or payroll? See more on our accounting services!