The following is an excerpt from my book, The Pastor’s Wallet Complete Guide to the Clergy Housing Allowance: The IRS says it’s still possible to claim a housing allowance even after you retire and stop receiving a paycheck. Unfortunately, there…
Yes. There you have it, shortest blog post ever. But in all seriousness, this is an important matter that can make a huge difference during your retirement. If you didn’t take saving for retirement seriously during your early years, even…
Additional principal payments are qualified expenses for the clergy housing allowance, but they are subject to limitations.
This is it, the announcement you’ve all been waiting for! I have created a virtual space for Pastor’s Wallet readers to connect, learn, and receive support. I know you’re probably thinking, “It’s about time!” but, hey, I’ve got a lot…
Pastors are dual-status taxpayers who pay Social Security and Medicare taxes as if self-employed. But do you really have to pay the full 15.3% or is there a waiver available for clergy?
If you are a church employee, you may have to file Schedule SE (even though you’re not self-employed) and pay double payroll taxes. This is why.
Does the way you pay your taxes affect your ability to claim a housing allowance? What determines if you can claim a housing allowance or have to pay self-employment taxes? Do you have to pay taxes on the housing allowance?
Here at Pastor’s Wallet, we talk a lot about the clergy housing allowance because it’s such a unique benefit for pastors. In fact, I even wrote a book on the topic, as you can see from the above graphic. Today,…
There is only one time when a gift to a pastor can be tax-free, and that is at retirement IF certain IRS criteria are met.
Back in November, I gave you some homework. Did you do it? I hope so! Being on the same page as your spouse about your vision for the future is very important. I have some more homework for you again…