There are two kinds of ministerial housing allowances here in the US. The parsonage allowance is for those living in church-owned housing. The cash housing (or rental) allowance is for those who provide their own housing.
Today, I want to go deeper into the parsonage allowance. Though parsonages are slowly becoming a thing of the past, many pastors still live in them. For those pastors, it is important to understand the different features of the IRS’s parsonage allowance.
The most commonly asked question regarding the new tax reform bill that went into effect at the beginning of the year is, “How will it affect me?” Since everyone’s situation is different, no amount of searching on Google is going to give you the right answer.
The most accurate answer you can find will come from doing calculations based on your 2017 tax return. If you anticipate being in the same, or a similar, financial situation for 2018 as you were for 2017, then you can get a pretty good estimate of this coming year’s tax bill by looking at last years’ numbers. Here is how to do it:
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:
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.
As a pastor, one of your greatest earthly rewards is the clergy housing allowance. Though it’s nothing compared to the rewards you’re piling up in heaven, it is definitely something that should not be overlooked.
Here are some things to remember as you prepare your 2018 clergy housing allowance request:
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.
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.
Estimated mortgage payments listed on popular websites can be very misleading. Mortgage payments consist of a lot more than just principal and interest.