Cost of Living Adjustments for Clergy Income
With so many line items making up a clergy’s compensation package, how exactly does one apply a cost of living adjustment (COLA) to their salary package. When a COLA is given to a clergy’s salary, the adjustment is made on their base + housing. Since housing is a fixed number, the total adjustment is added…
Is an activity a hobby or a business
Many clergy(and their spouses) participate in activities(outside their main job) that create additional sources of income. Is it a business or a hobby in the eyes of the IRS? The tax implications of that classification can vary greatly. Below are some questions to ask yourself when trying to determine if an activity is a business…
Tips for Clergy and their Spouse Who Travel for Charity Work
Do you plan to travel for a church mission trip or other charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips Clergy Financial Resources wants you to know about travel while serving a charity. 1. You must volunteer to…
Do HR rules and regulations keep you up at night?
Hiring new employees is always an exciting milestone in any church, but it can also be overwhelming. We know you are doing the right thing by ensuring tax and payroll accuracy with your payroll. Now it’s time to confirm you are in compliance with the other federal and state regulations. Here are two things you…
