As a former pastor himself, and graduate of Southeastern Seminary and Appalachian Bible College, Daniel is very familiar with the ins and outs and the tax implications of the minister’s housing allowance, Social Security opt-out, self-employment tax, and working for a non-profit. He has done dozens of tax returns for pastors, both for those who are still paying into Social Security, and those who have opted out.
Daniel fell into this niche of helping pastors with their finances and has embraced it because he loves helping others, especially the men and women who have given so much of themselves to their congregations. He views it as one way that he can give back to those who have given so much already.
Oftentimes the church’s denominational body or missions agency can offer a financial management solution such as Guidestone, the Wesleyan pension fund, Wespath benefits, or others, but it helps to have a local advisor who knows your unique situation and can offer advice specific to your needs.
If you’re a pastor, then you are probably seeking advice and could use help from Upward Financial Planning regarding:
- A comprehensive financial plan
- Choosing whether or not to opt-out of Social Security
- Managing investments in your 403(b) or (Roth) IRA
- Preparing your tax return correctly
- Getting your will done without breaking the bank.
- Finding the most cost-effective way for your children to attend college.
- Setting up a retirement plan at your church.
- Rolling over your 403(b) for optimized investment management at or before retirement
- Getting your housing allowance numbers correct with your church and on your tax return
- Understanding the best way to give charitably for a tax deduction
- Understanding the “minister’s schedule C” and taking all the possible deductions for lower taxes
- Choosing the Roth IRA or traditional IRA
- Connecting with my other client’s who have the means and desire to give charitably
- Understanding how your church can start, fund, and grow an endowment fund to fund the ministries of the church
- Doing a free seminar at your church explaining how your members can include your church in their will
- Explore how you can screen investments to exclude alcohol, tobacco, or adult entertainment investments so your money is invested according to your values
- Utilize the minister’s housing allowance to increase the equity in your home and enjoy tax-free capital gains of your personal residence
These are just some of the many ways that working with a former pastor, turned financial advisor can help you. Daniel offers $500 off any financial plan for a minister and minister’s family. Contact us today for a free consultation regarding your most pressing financial questions.
