Are Christmas Gifts To Pastors Taxable?
Every year, my church used to do a special offering in December as a Christmas gift for our senior pastor. As they said, why should he get a bunch of $10 gifts that he doesn’t even need when we can…
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2020 Housing Allowance For Pastors: What You Need To Know
The new year is just around the corner, so it’s time to be thinking about your 2020 pastor’s housing allowance. Here are a few things to keep in mind as you make your plans. Your Housing Allowance Should Be Approved…
Health Insurance For Pastors: What Are Your Options?
We are nearing the end of open enrollment on the Obamacare healthcare exchanges. If you are not satisfied with your current health insurance (or lack thereof), now is the time to address it. Health insurance is a big topic among…
Can A Church Provide A Pastor With A Parsonage And A Cash Housing Allowance?
One of the greatest financial benefits available to pastors is the ministerial housing allowance. Unfortunately, it is also one of the most misunderstood aspects of a pastor’s finances. Most pastors are aware of its existence and benefits but still have…
If You Opt Out Of Social Security Do You Still Get The Money You Already Put In?
Most pastors don’t go straight from high school or college into the pulpit. Usually, you spend a few years in the secular workforce before settling into your pastoral vocation. I think that’s a good thing. It gives you some practical…
What Missionaries Can Do Today To Save On Taxes In Retirement
It was 25 degrees Fahrenheit when I took my kids to the bus stop this morning. That’s freezing! Even though there were kids there in shorts and without jackets, for someone from Southern California like me, that’s a bit too…
Should A Pastor Contribute To A Roth Or Traditional 403(b)?
The internet is plastered with articles discussing the merits of Roth versus traditional accounts. The Pastor’s Wallet even has one for IRAs. They talk about the different taxation, time horizons, and how to pick the right kind of retirement plan…
Compound Interest: Your Best Friend Or Worst Enemy?
Sometimes in life, your greatest strength can also be your greatest weakness and your biggest disadvantage can also be your biggest advantage. Take Peter, for example. The same boldness and tendency to speak before thinking that caused Jesus to rebuke…
15 Things To Know About 2018 Clergy Taxes
Growing up, there was one thing that I was always confused about. I would hear people mention April 15 as tax day, but it never made sense to me. You see, in my house, October was tax season. And that’s…
How Can You Benefit From The 2017 Equifax Data Breach Settlement?
Do you remember back in 2017 when credit reporting agency Equifax had a data breach that compromised the personal information of over 147 million Americans? Yes, an organization that collects our Social Security numbers and our financial information without our…