Members of the clergy face a number of complex tax issues which require the experience and technical expertise of a CPA.
The parsonage/housing allowance can provide a wonderful tax benefit for clergy, but only if proper planning is undertaken to ensure that the housing allowance is set at the appropriate level. Further, the complex and detailed rules associated with the housing allowance require that care be taken in selecting properly qualifying expenses, to ensure compliance with federal tax laws while maximizing the tax benefit to the clergy member.
Proper planning is also required to ensure that self-employment and income taxes are accurately projected and paid in during the year, so that clergy members do not end up facing an unintended tax penalty for underpayment of estimated taxes.
We can help you with your clergy tax issues. Contact us today!