With our current economic crisis brought on by the coronavirus, Congress and the President have been taking action to relieve some of the burdens for taxpayers and businesses. One area where they are providing a break is payroll taxes, the…
Tax Deductible Expenses Q: Are my vestments tax deductible? A: Since the passage of the 2017 Tax Cuts & Jobs Act, unreimbursed business expenses are no longer tax-deductible. That would include your vestments. The only way to avoid paying 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…
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,…
Thanks to the Tax Cuts & Jobs Act, people are paying a whole lot more attention to their tax withholdings this year. Employers had a hard time calculating withholdings with all the changes in the law and the result was…
If you’re like a lot of clergy members, you had an unpleasant surprise this tax season when you learned that you can no longer deduct unreimbursed church business expenses with your itemized deductions. You’re probably used to covering a lot…
All pastors are subject to dual status taxation. What does that mean and how does it look when you file your taxes?
While pastors can no longer deduct unreimbursed business expenses on Schedule A, they can subtract them from their taxable income on Schedule SE.
The most popular Pastor’s Wallet blog posts of 2018, based on number of views.
I’ve been getting a number of questions regarding the tax reform bill that went into effect on January 1, 2018. Here they are with some answers:
Merry Christmas! For the last post of the year, I thought I’d do a recap of the 10 most popular posts of 2017, in case you missed one of them. Here they are, in order of popularity:
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…