Taxes

Taxable and Tax-Preferred Investments

Do you know the difference in the tax status of your investments? What does it mean if an investment is taxable or tax-preferred? Why does it make a difference? Learn about the differences and how you can benefit from the different investment types.

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Business Expenses

If your job requires travel, entertaining, or continuing education, how does your employer reimburse you for the expenses that you incur? What are the tax implications of receiving an expense allowance versus submitting receipts for expenses? Learn more about the tax implications of how you manage your business expenses.

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IRS Form W-4

When you start a job, you are asked to fill out a Form W-4. Your employer uses this form to withhold the correct amount of federal income taxes taken from your pay. Learn why it is important to have the correct number of dependents claimed and when you should submit a new Form W-4 to your employer.

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Clergy Taxes

Taxes in general can be very complex, but clergy have an added level of complexity. Clergy are treated as employees for federal income tax purposes but are self-employed for Social Security tax purposes. Learn about clergy tax basics, what it means to have dual tax status, and where to find resources to help you and your tax advisor file your taxes correctly.

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Clergy Housing Allowance

Clergy are in a unique position in that their housing expenses can be used to reduce the amount of taxable wages subject to federal income tax. What constitutes a qualified housing expense, and what are the IRS limitations? Learn the answers to these questions, resources and tips on keeping track of housing expenses, and the importance of the vestry resolution.

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Clergy Discretionary Funds

Many clergy are provided a fund called the Discretionary Fund. While the name implies that the use of this fund is up to your discretion, there are clear limitations and guidelines for the use of this fund. Learn the basics of the fund and resources to help you determine if the use and setup of the Church’s discretionary fund meets the appropriate Episcopal Church and IRS criteria.

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This material is for informational purposes only and is not intended as investment, tax, financial, legal or other advice. Your personal decisions should be based on the recommendations of your own professional advisors.