Archive for the ‘clergy’ Category
Since church ministers are in a unique tax situation it is important for all ministers to understand their unique tax situation. When you work and earn an income you will need to pay taxes. We should pay unto Caesar what belongs to Caesar, but if Caesar is offering you a tax break you should be sure you take every tax benefit.
Housing Allowance:
The biggest tax benefit for ministers is the housing allowance. Every ministers should have a portion of his or her income designated as housing allowance.
Related Websites -
Should I Ignore My Raise and Save the Difference in Income? This personal finance question comes from reader Gary, who recently got a surprise promotion and a 20% raise after his boss left the company. He's married, has a 2 year old daughter that his wife is caring for full time, has a monthly mortgage payment, two monthly car payments and...... -
Fun with Schedule A Last week, in "More Roth Magic", I discussed how for people on the edge of a tax bracket, there are some moves that one can make to optimize their wealth (read that - minimize their taxes over time.) Now, as promised, let's look at schedule A. From Fairmark, we can......



