|Services provided by Don Spencer, CFP®|
We provide churches, ministers and church leaders with accurate and current information regarding church finances and benefits, including:
These documents are intended to provide churches, ministers, and church leaders with accurate and current information about the subjects covered. The information is not intended to be sufficient for dealing with every specific legal and tax situation, and the reader should not rely upon these documents as a substitute for competent advice from a tax or legal professional.
(Each link below opens a PDF file or web page that addresses that issue. All documents are current as of January 2015.)
This page has info on basic tax concepts for ministers. Is a minister an employee? Are minister's taxes different? Ministers are an employee for income tax and self- employed for social security. Ordained minister have different taxes. Minister's salary, housing, and housing allowance are unique in tax laws for churches and ministers. Financial Support for Ministers is unique. Minister's retirement plans, insurance if unique. IRS reporting for churches, ministers is unique. Ministers do voluntary income tax withholding. Church Financial Policies have different needs. Handling money in church is unique. Accountable Reimbursement of expenses for ministers is needed. SBC Compensation study should be used. Tax Guide for Ministers, churches should be used. This page has info on workman's compensation for churches, unrelated business income for church, record retention for churches. Rules about charitable contributions are there. How to complete a minister's W-2 form is there. How to report to the IRS is included. Church treasurers have much information to help. Information on Flexible Spending Plans, FSAs, Health Reimbursement Plans, HRAs, and Health Savings Accountsl, HSAs is included. Other financial issues for ministers and church deal with a minister's moving expenense, educational assistance for ministers, severence pay for ministers. Ministers Social Security, Minister's Housing, Minister's retirement, minister's taxes, and minister's pay packages are all covered. How to pay a minister is critical.