Clergy Finances: Unemployment Benefits for Pastors
The nation’s unemployment rate is a hot topic. Regardless of what profession or industry one works in, there is always the chance for losing one’s job. This scenario is no different for church pastors. They may find themselves without a job due to the economy, changes within their church or for a variety of other reasons. The difference when it comes to clergy finances is that if pastors find themselves out of work they are rarely eligible for unemployment benefits.
Churches and other religious organizations are exempt from participating in a majority of state unemployment programs. Therefore, since they don’t… Continue reading
Figuring Individual and Minister Taxes: Church Donation Tax Laws
Tis the time of year for charitable contributions for individuals, clergymen and churches, but how are charitable donations supposed to be accounted for in regards to taxes? The IRS actually allows taxpayers to itemize their deductions to write off their donations to charitable organizations; however, the church or organization that is being donated to must meet IRS requirements.
In order to prevent people from taking advantage of this deduction they have created certain rules that govern the timing of donations, maximum allowable deductions and certain documentation is required. When preparing individual as well as minister taxes, it’s important… Continue reading
Clergy Tax Services: The In’s and Out’s of Medical Insurance for Pastors
Medical insurance is an important topic for everyone, this includes those in the ministry as well. It has been cited as a major factor in most family’s financial health and pastors and clergymen are no exception to this. When it comes to clergy finances, medical insurance plays a big role. Fortunately, for pastors there are a number of alternatives available that allow pastors and their families to have affordable and quality medical coverage.
Here are a few options when it comes to medical insurance for pastors.
Group Coverage
Group coverage plans are often available for multi-staff and denominational churches and… Continue reading