Pastor’s Love Offering: Gift Or Taxable Income?
A 2018 court case helped to clarify when pastoral gifts are considered taxable income. Make sure you know how to classify your income to avoid owing penalties and back taxes.
Tag IRS
How Do You Report Your Clergy Housing Allowance To The IRS?
This is an excerpt from my book, The Pastor’s Wallet Complete Guide to the Clergy Housing Allowance: The church is not required to report the housing allowance to the IRS. Unless a church includes it in an informational section on…
Your Top 10 Clergy Housing Allowance Questions Answered
The clergy housing allowance is by far the most common topic that I receive questions about. Here are 10 or the most common questions answered to help you get the most value out of your housing allowance: How does a…
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.
The Different Kinds Of Income A Pastor Can Have & How The IRS Treats Them
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.
How Do I Report IRA Contributions To The IRS?
Today’s post was inspired by one of my loyal readers who had a very frustrating time trying to figure out the answer to that simple question. Unfortunately, I’m too late to come to his rescue, but my hope is that…
The Top 10 Personal Finance Blog Posts For Pastors Of 2018
The most popular Pastor’s Wallet blog posts of 2018, based on number of views.
How The Final Tax Bill Affects Pastors
Now that the GOP tax reform bill is finalized, how does it affect pastors? Let’s take a look at the changes being enacted into law and how they might affect you.
How The Tax Reform Bill (Tax Cuts And Jobs Act) Affects Pastors
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.
How Does Trump’s Proposed Tax Reform Affect The Clergy Housing Allowance And 4361 Exemption?
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.
Money Mistakes That Make Me Want To Slap You
It can be so frustrating watching other people make mistakes when you know better. In this post I go through several mistakes that I have personally witnessed in hopes that it will help you avoid them and their ugly consequences.
What Every Taxpayer Needs To Understand Now
Federal tax laws are so complicated that most people outsource tax preparation and have little understanding of how it all works. Do you know how your taxes are calculated? Or the difference between a credit and a deduction? It’s your…