How Pastors Pay Federal Taxes
I recently received an email from a pastor’s wife of 15 years asking for clarification on how their taxes were paid. She was too embarrassed to ask their tax preparer after all this time, so I was a safe place…
Can Pastors Deduct Expenses From An Accountable Reimbursement Plan?
We usually think of taxation as just a way for the government to raise funds for their many activities. But did you know that one of the stated purposes of taxation is to try to influence people’s behaviors? There are…
The #1 Financial Regret Most Pastors Have
From time to time I read Thom Rainer’s blog to stay up to date on the issues that pastors are facing today. The most enlightening part is the comments that pastors leave on his articles. When I read the comments…
What Is Faith-Based Investing? (And Should You Do It?)
When you think of investing, you probably think of trying to grow your money as much as possible without doing anything too risky. That is what investing has traditionally focused on; growing money. However, things are changing. Our culture has…
The Best Tax Software For Clergy (& Your Other Filing Options)
Today is the big day! The IRS has officially opened the 2020 tax filing season for individual filers. We should throw a party! Better yet, let’s talk about how to go about filing those tax returns that they are now…
How To Determine If A Pastor Is An Employee Or Self-Employed For Federal Tax Purposes
Tax season is just around the corner and that means I’m about to be inundated with tax-related questions. Today, I’m going to try to get ahead of the game and start answering the questions before you ask them. Up first,…
Free Resources To Help You Master Your Personal Finances In 2020
It’s a new year, a new calendar, and many are hoping, a new beginning, too. The sense of a fresh start with the new year leads a lot of people to make new year’s resolutions. How about you? Since 51%…
How The SECURE Act Affects Pastors
Back in 2017, the president timed things just right so that I spent the first day of my family’s Christmas vacation researching the tax reform bill and how it affects pastors. Now, almost two years to the day, he signed…
The 10 Most Popular Financial Articles For Pastors Of 2019
Here we are again, wrapping up another year. I’ve made a tradition of using the last post of the year to look back and see which articles were the most popular so that you can go back and read them…
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…
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…