Taxes
Clergy are considered dual-status taxpayers for their ministerial income, meaning they pay income taxes as employees and Social Security and Medicare taxes as if they were self-employed.
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What Taxes Can Churches Withhold For Pastors?
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…
What Is Dual Status Taxation & Why Does It Matter For Pastors?
All pastors are subject to dual status taxation. What does that mean and how does it look when you file your taxes?
How The New Tax Law Affects Unreimbursed Business Expenses For Pastors
While pastors can no longer deduct unreimbursed business expenses on Schedule A, they can subtract them from their taxable income on Schedule SE.
Are Pastors Eligible For The 20% Qualified Business Income Deduction?
The Tax Cuts & Jobs Act introduced a 20% deduction for qualified small businesses. As a pastor, even if you don’t have a side business, you may still be able to take advantage of it.
The 2018 Form 1040: How It Looks & What It Means For You
In just a few short weeks, tax season begins! Now, this isn’t like the Christmas season where everyone is giddy, singing, and trying to start it earlier and earlier each year. For most people, tax season is more akin to…
How To Estimate Your Taxes Under The New Tax Bill
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…
Your Tax Reform Questions Answered
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:
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.
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…
Big Refund? Awesome! Or Is It? The Truth About 10 Common Tax Beliefs
Taxes are a huge part of our lives as American citizens. However, there’s a lot of confusion when it comes to taxes. After all, the Federal Tax Code has about 3 million more words than the Bible. There are a…