Tax Advice for Pastors

In this episode of the EFCA Network podcast Darin and Tammy are joined by Michael Whalen, long time CPA and tax preparer for pastors in the Chicago area. Mike shares the basics of 1) who qualifies as clergy; 2) how to estimate your housing allowance and what that means; 3) how to estimate your quarterly tax payments; 4) some key tax credits to take advantage of and; 5) opting out of social security and what’s at stake if you do. If you’re new to ministry or helping a new pastor as church treasurer or elder chairman, this episode will be very helpful for you! A helpful consulting resource Mike recommends is: https://www.clergyfinancial.com/

Watch the episode on YouTube.

Listen to the episode on Podbean.