Purchases from the ULC store are tax deductible based on certain conditions.
Tax Deductions for Store Purchases:
- If you do not earn income as a ULC minister, you cannot deduct the cost of supplies and materials.
- If you are self-employed as a ULC minister (wedding ministry, for example) you may deduct business/operating expenses on Schedule C (report of profit or loss.)
Tax Deductions for Donations/Contributions:
- Purchasing goods as gifts or for personal use is not a donation. You cannot deduct the expenses of your purchases claiming them as a donations.
- Genuinely charitable contributions (donations) paid to non-profit organizations are deductible. They are subject to limitations imposed by the IRS.
We highly recommend the Zondervan Tax Guide for Ministers. This book an excellent source of up-to-date information, tips and guidelines for filing taxes as a minister.
For specific tax advice, please consult with a tax professional.