Tag Archives IRS

How Does Trump’s Proposed Tax Reform Affect The Clergy Housing Allowance And 4361 Exemption?

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Yesterday, the GOP officially unveiled their “Unified Framework For Fixing Our Broken Tax Code.” Many people are eager to know how they will personally be affected by tax reform, especially pastors who receive certain benefits not available to others. Right now you’re probably wondering what, if any, changes will be made to the clergy housing allowance and your ability to opt out of Social Security.

 

Unfortunately, the framework does not answer any of your questions. It is a broad guide for congressional committee members to follow as they write out the details of tax reform. It will probably be months before we know anything specific. The Pastor’s Wallet will make sure to inform you as soon as anything official regarding how the tax reform will affect your 4361 exemption and the clergy housing allowance is made public.

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Money Mistakes That Make Me Want To Slap You

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It can be so frustrating watching other people make mistakes when you know better. In this post I go through several mistakes that I have personally witnessed in hopes that it will help you avoid them and their ugly consequences. 

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What Every Taxpayer Needs To Understand Now

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Federal tax laws are so complicated that most people outsource tax preparation and have little understanding of how it all works. Do you know how your taxes are calculated? Or the difference between a credit and a deduction? It’s your hard-earned money and your government, so you really should.

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Big Refund? Awesome! Or Is It? The Truth About 10 Common Tax Beliefs

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Taxes are a huge part of our lives as American citizens. However, there’s a lot of confusion when it comes to taxes. After all, the Federal Tax Code has about 3 million more words than the Bible. There are a lot of myths floating around regarding taxes, and it can be hard to separate fact from fiction. Here are some common beliefs regarding taxes and the truth behind them:

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Opting Out Of Social Security: A Step By Step Guide

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Licensed and ordained pastors and ministers receive special treatment by the Internal Revenue Service. One privilege they have is the opportunity to exempt themselves from our nation’s Social Security system. This is a step-by-step guide explaining exactly how to opt out of Social Security.

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