Pastors needing IRS tax help still have time to get the 2012 Zondervan Minister's Tax Guide before 2011 tax returns are due on April 17, 2012. For years, ministers have trusted the Zondervan Minister’s Tax & Financial Guide to save them time and money. This easy-to-understand workbook simplifies the tax code and offers dozens of tips to reduce your tax bill. … [Read more...] about Still Time for Zondervan Minister’s Tax Guide
Clergy Tax Issues
Can a pastor still claim a housing allowance exemption when their house is paid off? The answer is yes. In this post I'll share some strategies you can use, even when your home is paid off, to claim a housing allowance exemption. … [Read more...] about Can a Pastor Claim a Housing Allowance When the House is Paid Off?
Last time, I began to answer a question from a reader named Nancy regarding which type of mortgage is better for the pastor housing allowance - a 15-year mortgage or a 30-year mortgage? Today we'll do some basic housing allowance calculations to see how a 15-year mortgage would compare with a 30-year mortgage. … [Read more...] about Clergy Housing Allowance – Which is Better: 15-year vs. 30-year Mortgage, Part 2
A reader named Nancy asks, "Is it better for a pastor to be on a 15-year mortgage or a 30-year mortgage (tax-wise and benefit-wise)?" Great question, Nancy - thanks for asking! I hate to say it, but it really depends! I'll give you the best answer I can (over the next few posts), but I recommend that you and all my other readers also seek the advice of a tax professional … [Read more...] about Clergy Housing Allowance – Which is Better: 15 or 30 Year Mortgage? Part 1
One of our goals here at Money Wise Pastor is to offer easy-to-understand tax help for pastors, because clergy taxes can be extremely challenging due to special IRS tax issues that apply to American pastors. The IRS Considers Pastors Both Employees and Self-Employed Pastors, ministers, and other members of the clergy are in a unique position when it comes to paying taxes to … [Read more...] about IRS Tax Help for Pastors