Tax Helps from P&B and the ECFA

2020 news 1Unless you’re a CPA, you probably don’t enjoy doing income taxes. It takes time to gather all of the receipts and data, and focused concentration to complete forms and schedules that can be downright confusing. We want to do our returns correctly, but sometimes it’s difficult. With this in mind, Pensions and Benefits USA (P&B) and the Evangelical Council for Accountability (ECFA) have created resources to help ministers do their taxes with confidence.

The ECFA’s 2021 Minister’s Tax & Financial Guide is a comprehensive resource of clergy-related financial information. Topics range from planning for retirement and computing self-employment tax, to how to complete federal taxes and schedules for 2020.

Church treasurers can find assistance on topics like IRS filings, compensation planning, and even the CARES Act with the ECFA’s 2021 Church & Nonprofit Tax & Financial Guide.

Similarly, P&B has a series of Memos to assist pastors and church treasurers with questions about ministerial housing and compensation, self-employment taxes, and much more.

All of these helpful tools are free and available now at pbusa.org. Beyond this, if you as a minister or treasurer have questions about clergy or church financial matters, such as the 403(b) Retirement Savings Plan, taxation, compensation, or life insurance, we’re here to help. Just phone 888-888-4656 or send an email to pensions@nazarene.org.