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 -
Introduction to the IRA The IRA is an Individual Retirement Account that was originally created by the United States Congress as a means of providing retirement savings with tax advantages to workers that were not already being covered under an employer-sponsored retirement plan. Unlike the standard 401(k) plan, the purpose of an IRA is...... -
My Life as a Volunteer Tax Preparer - Ch. 2.1 Season 2 of My Life as a Volunteer Tax Preparer has officially commenced. For those of you new to Tough Money Love, a brief history: Last year a I signed up to work with the IRS Volunteer Income Tax Assistance Program (VITA) and Tax Counseling for the Elderly (TCE). (More......



