The 1986 Tax Reform Act, the 1987 Omnibus Budget Reconciliation, Technical Correction Act of 1988, and the 1993 Reconciliation Act made the most sweeping changes in almost 50 years. The law is not simple. Your salary package is the most important factor in determining your annual tax liability. At year end, you are limited in…
Clergy Financial Resources has created an “Understanding Clergy W-2 Forms” This PDF helps identify what needs to go in each box of a Clergy W-2. Click on the link below to access the file. Understanding Clergy W-2’s Source: Clergy Financial Resources https://www.clergyfinancial.com Clergy Financial Resources is a national accounting and finance organization serving churches and…
In general, the fair rental value of the property is a question of facts and circumstances based on the local real estate market. If the pastor rents his or her home, the amount of the rent would be presumptive evidence of the fair rental value. Obtain the current fair rental value of your home from…
Have you paid off your mortgage? You may be able to exclude from your gross income other eligible housing expenses directly related to providing a home. Qualifying expenses include utilities, repairs, improvements, furnishings, property taxes and insurance. Any additional mortgage that does not apply to improvements on your home cannot be excluded from gross income….
A housing allowance is one of the greatest tax benefits available to clergy today.
