8 Tips For Maximizing Your Homeowners Insurance
Insurance is one of those things that no one gets excited about. It’s like brushing and flossing your teeth; the few people who are really into it make a career out of it and the rest of us just go…
Are You Eligible To Make Extra 403(b) Contributions?
People over 50 are eligible to make extra contributions to their 403(b) plans. However, some plans even let younger people make extra contributions. Here is everything you need to know regarding eligibility, limits, etc. for making extra contributions to your…
3 (Free) Ways To Have An Affordable College Experience
There are 3 foundational things that you can start developing in your children from an early age that will help make college less of a burden on your budget.
Claiming A Minister’s Housing Allowance In Retirement
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…
Can You Still Receive Social Security Benefits Even After Opting Out?
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…
[Video] Q&A: Do Additional Principal Payments Qualify for the Housing Allowance?
Additional principal payments are qualified expenses for the clergy housing allowance, but they are subject to limitations.
Introducing… The Pastor’s Wallet Online Community!
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…
[Video] Q&A: Do Pastors Really Have to Pay 15.3% for SECA?
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?
Why Do Church Employees Pay Self-Employment Taxes?
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.
Video: Q&A: Can you claim a pastoral housing allowance if you pay taxes as if self-employed?
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?
How Does The Minister’s Housing Allowance Affect Social Security Retirement Benefits?
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,…
Video: Q&A: Is a gift to a retiring pastor taxable?
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.