This post breaks down all of the major types of income a pastor can earn and explains how the IRS treats them for Social Security, income tax, retirement plan and payroll tax purposes. It is based on IRS Publication 517. View post
Side business, side gig, tent-making ministry, side hustle, part-time self-employment, side job; doing some extra work on top of your regular job has a lot of different names these days. No matter what you call it, a lot of pastors (and their spouses) see it as a good way to provide for their families when serving in a position that doesn’t pay quite enough. We have discussed different ideas for side jobs for pastors on this blog previously and even took ...
Here in the Pacific Northwest, it is strawberry season. For most of us, that means we get to chow down on juicy berries that make us avoid the bland store-bought strawberries for several months afterward. For my daughter, it means business. Literally, business. The minute the signs go up for the U-pick strawberry field near our house she starts asking when she can sell strawberries. You see, rather than just eating them, she likes to pick them and then set up ...
Airbnb is a great way to earn extra income. However, renting out part of your home affects your ability to take the ministerial housing allowance. View post
This is a guest post by Stephanie Anderson of Andersonswife.com. She and her husband, Trevin, are pastors at Mannahouse in Portland, OR. Stephanie Anderson of andersonswife.com. View post
For more than a month now, the most popular post on Pastor’s Wallet has been Business Ideas For Pastors That Want To Make Extra Money. It seems there are a lot of pastors out there looking to entrepreneurship to finance their ministries or supplement their pastoral salaries. In that article, I gave you some good ideas of ways to make money that can work around your ministry. But what comes next? How do you even set up a business? How do ...
Health insurance. Tax-advantaged retirement accounts. Vision insurance. Wellness programs. Dental insurance. Matching retirement savings. Disability insurance. Tuition reimbursements. Life insurance. Annual bonus incentive plans. Child care assistance. Discounted merchandise. These are some of the most common benefits that employers offer these days, and the list is ever growing. In fact, they can be the deciding factor for someone accepting a job offer in today’s tight labor market. Unfortunately, many non-denominational pastors are on the outside looking in. If their church can scrape ...
Whether or not you realize it, as a pastor you already possess many skills that are in high demand in the secular marketplace. You simply must recognize your skills and translate them into the proper marketplace vernacular for the job you want. View post
Here at the Pastor’s Wallet, we’ve discussed ways of earning extra money before. However, those were more like side gigs or one-off opportunities. For a pastor who wants something more substantial and longer-term, the answer is to build a side business. View post
Pastors often need additional sources of income besides just their church. Running a side business is a great option, but you have to be careful. You shouldn't try to monetize your ministry. Your ministry can feed off of your business, but your business should never feed off of your ministry. View post