clergy taxes

For proper retirement planning, the first key element is that every minister should have a clergy-specific 403(b) retirement plan to preserve and maximize their amazing tax benefits. These plans are designed for ministry tax benefits and offer unique tax advantages available only to ministers.

Social Security issues for ministers and their ability to opt out of Social Security on their ministry income is so different than for secular employees. It’s very important to a minister’s financial future to understand Social Security and what the rules and consequences are for any action. 

The IRS tax code allows ministers to designate part of their compensation as Housing Allowance. When understood and implemented fully, this can be a lifelong tax advantage for all ministers.