MinistryCPA - Corey A. Pfaffe, CPA, LLC

New ministers frequently have several questions as they enter a new field that has significantly different rules than the standard employee of a business has. We have assembled a list of some of the most important questions that a new minister should investigate when starting their new job.  1. How can I live within my means? You need a budget. Enjoying a long-term ministry in Christian service requires an ability to live within your means. Lots of tools are available: Christian authors with “how to” instructions and online apps, to name a couple. Try You Need a Budget (www.ynab.com), if you need an idea. 2. What does it mean to be a dual status employee? A minister, per IRS regulations, is both an employee and self-employed—dual status. As an employee, a minister is eligible for all fringe benefits offered to non-minister employees — health coverage, retirement plans and so on. The exception lies in social security and Medicare tax. Non-minister employees must have 7.65% of thei...

The start of a new year tends to bring on new goals. Normally we think of health goals, but we would challenge you to develop some financial goals and knowledge over the coming year. Over the next several weeks we are going to be presenting a new series on what the Bible says about finances. We hope that this series is an encouragement and challenge to each of you as we explore the topics. Included below is a list of the topics that will be coming in future posts, if you have questions on additional topics please leave them in the comments below.  Debt and Taxes Savings and Investing Giving and Generosity Financial Temptation Work and Work/Life Balance Inheritance and Legacy In this first post, we want to get you thinking about where you have gathered your financial knowledge and provide you with some additional resources that should be added to your reading list for the year. How have you learned about family finances? Parents- formal Parents- informal Siblings or other family mem...