self employment

How to Make Sure Clergy Social Security Exemption is Approved

If they choose, clergymen are allowed social security exemption based on religious objections. However, in order for this to happen, they need to correctly fill out IRS Form 4361 in order to be exempt. It’s important that this form be filled out in an accurate and timely manner. Here are some tips on how to correctly fill out the form and reasons why it may be denied.

Unless they fill out a Form 4361 clergymen normally pay out social security taxes just like anybody else who is employed and earns taxable income. The IRS, however, allows church ministers to file… Continue reading

Tax Preparation for Pastors: Medical Insurance Deductions

Medical Insurance is a major factor when it comes to family finance whether you’re a member of the clergy or not. With always- increasing medical costs, the issue of medical insurance and figuring all possible deductions is essential.  In general, tax preparation for pastors can be somewhat complicated and oftentimes requires the assistance of a professional tax preparer. However, when it comes to rules concerning deductions for medical insurance, the rules are the same for pastors and clergy as they are for the general public. But just in case you’re wondering here are guidelines for medical insurance deductions if… Continue reading