If you’ve been paying any attention to the news (and I don’t blame you if you haven’t), you’re probably aware that the stock market has been very active lately. Active like a volcano. You see headlines like “Stocks Lose 34%…
Q: I’m having an accountant do my taxes who I believe hasn’t done taxes for pastors before. This is my first year in full-time ministry. My accountant is under the impression from Form 4361 that I have to be in…
Thanks to COVID-19 and the containment efforts, our country and most of the world are in a financial crisis. In times like these, you need to be even more alert to guard your financial life. You don’t only have to…
When is the last time you saw anything positive on the news? Even social media seems to have devolved into a giant whining match between the “stay home and live” and “live free or die” camps. We’re not going to…
Someone wrote to me recently with some questions about Form 4361 that is used by clergy to opt out of Social Security. One of the questions was, how hard is it to get Form 2031 approved to revoke Form 4361…
With businesses shutting down and church services closed, you may find yourself reassessing your financial situation. Which expenses are mandatory and which can you do without? What resources do you have available to you that you don’t usually access? As…
By law, a minister’s housing allowance must be designated by a church or church denomination. But what does that mean? Surely a mosque or synagogue would count since the government isn’t allowed to discriminate between religions. The IRS uses a…
On Friday afternoon, President Trump signed into law our nation’s largest-ever economic stimulus package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill will cost around $2 trillion and includes nearly $500 billion for rebate checks for individuals…
I’m pleased to announce that my first book is now available for sale on Amazon! The Pastor’s Wallet Complete Guide To The Clergy Housing Allowance is a comprehensive look at all things housing allowance. The Story Behind The Book Last…
As you have likely noticed recently, our world is currently in an upheaval. We just had our worst week in the stock market since 2008. The historic bull market that we have been enjoying for the past 11 years is…
This is an excerpt from The Pastor’s Wallet Complete Guide to the Clergy Housing Allowance, now available for purchase on Amazon. Everyone wants a clear list of what is permissible and what is not allowed for the housing allowance. Unfortunately,…
Today we’re taking a break from tax season technicalities to discuss something a little bit more fun but often more stressful: children. Actually, children and money. That doesn’t sound very relaxing, now does it? Today’s post was inspired by my…