Members of the clergy are unique among American taxpayers in that they have the option to opt out of Social Security. There is a short amount of time at the beginning of a person’s ministerial career when they can request…
We recently went over Form 4361, the IRS document used by pastors to receive an exemption from self-employment taxes. If you’re not familiar with it, you should go back and read about it here. One thing we didn’t discuss in…
If you’re new to the ministry, you may have heard about Form 4361 from someone. Likely another pastor has mentioned it and told you that it will save you a lot of money. What is this mysterious money-saving piece of…
You’ve heard that as a pastor you can opt out of Social Security. But how do you actually do it? Here is a step-by-step guide showing how pastors can opt out of Social Security and the accompanying self-employment taxes. It’s…
December 20, 2017 Update: A final version of the tax reform bill has been passed by Congress. Find out how it will affect you here.
December 20, 2017 Update: A final version of the tax reform bill has been passed by Congress. Find out how it will affect you here.
If you’re reading this, you’re probably a licensed minister who has opted out of Social Security. I’ll bet you were thrilled at the opportunity to opt out of a system that is facing a perilous future and is quickly depleting…