The number one financial question among bivocational pastors is "Can all my income be in housing allowance?” Answer: “Yes, if that is appropriate for your situation.” The average bivocational pastor in Alabama makes about $19,000 per year from their church, so for many, it would be reasonable. Ministers should consider their particular situation as they [...]
Many church members believe that the pastor is self-employed. Many churches treat the pastor as self-employed concerning compensation and taxes. But the truth is that the minister serving a church is self-employed concerning Social Security and Medicare but an employee in every other way. Minister tax experts call this a “dual tax status.” This fact [...]
It’s the Lord’s money and church leaders need to use it wisely, said Lee Wright, coordinator of church compensation services for the Alabama Baptist State Board of Missions. Wright speaks on this topic often. In fact, he led 10 “Church Financial Issues” conferences in 2017. He discussed a variety of financial issues in speaking to [...]
There are 2 pieces of information important to church staff and church treasurers as we begin the new year. See IRS.gov, then click on the news tab. IRS mileage rate for 2018 Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 [...]
You have heard the news reports about the Equifax data breach. You should assume that your personal information is in the hands of criminals. You have also heard the instructions to “freeze your credit,” but many Americans are confused or intimidated by this process. Combining the best advice from consumer advocates Jean Chatzsky, Dave Ramsey [...]
Did you know that one out of four girls and one out of six boys will be sexually abused before age 18? Further, two out of three victims will not tell until adulthood, if ever. The church should be the safest place on earth for a child, but sometimes it is not. Richard Hammar, nationally-known [...]
The greatest area of difficulty in a minister’s tax filing is his or her dual status, according to Lee Wright, state missionary in the office of LeaderCare and church health at the Alabama Baptist State Board of Missions (SBOM). A minister is an employee for federal income tax purposes and self-employed for Social Security taxes, [...]
When we say the word “stewardship,” our minds immediately go to giving or the tithe. In the congregation, they immediately think “Oh, no, another ‘giving sermon!’” Actually there are not enough sermons on good stewardship. Jesus talked about money more than anything else except the Kingdom of God. 11 of 39 parables talk about money. [...]
Help create an accurate, reliable database that will be used by thousands of churches to help determine fair compensation for their church staff. In case your on the edge, here are three reasons why you should take the 2016 SBC Church Compensation Survey: Finance and personnel committees rely on the survey results to help them [...]
January is a very busy month for churches concerning year end reporting. Here is some important information for the start of the new year that every church should know. The IRS has released the mileage rates for 2016: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per [...]