Premium Support:

Clergy Tax Planning Opportunities at a Discount

The Premium Support Package is a yearly consulting subscription that allows you easy access to experts for questions beyond routine clergy tax preparation without hourly fees. You’ll have the opportunity to learn what you need to know about clergy tax, housing allowance, special clergy retirement issues and get expert advice for any concern with detailed strategies to reduce your taxes. Plan ahead rather than waiting until tax preparation time to discover what steps you might have taken earlier. We’ll even work with your treasurer or administrators to provide the support they need to help you make the most of your benefits.

One tax-deductible, annual fee for a 12 month subscription provides:

Audit Representation
Includes pre-audit work, documentation, and audit representation before the IRS, applies only to returns we have prepared. Available only if your subscription is in force at time of receipt of your audit notice.

One Hour of Financial Planning
Customizing tax strategies, investment and housing allowance with special clergy retirement strategies.

Two Hours of E-mail, Telephone or In-person Consultations for questions, contingencies or any tax planning or related issues.

Revised Pay Package Structuring and Tax Planning

Revised Estimated Tax Projections
Revised during the year as needed for pay package changes due to any changes like a call to a new church, job change, unexpected bonuses, gifts, etc.

IRS Correspondence
Review of IRS and State letters and notices; draft responses to IRS and State

These are some typical issues that the PSP covers:

  • Tax efficient planning & strategies
  • Year-end tax issues such as; ministry expenses, investment issues
  • Pay package consultations
  • Revised tax projections for pay raises, family and job changes
  • Mutual fund or stock questions
  • Unexpected income, Inheritance, gifts, bonuses, etc.
  • Questions about Housing Allowance, Purchases & Leases

Review of any IRS notices you may receive

You owe it to yourself to see if a Roth IRA is a good strategy for you. We’ve used and advocated converting retirement income into a Roth IRA for many people over the years, but it has become even more appealing due to new tax provisions for 2010.  Some of the restrictions on converting money to a Roth have been removed and you can actually undo any portion of  the conversion as late as October of next year. 

Who should look at a Roth IRA Conversion?

This is an individual discussion because of all the various concerns and factors for each situation. We’re suggesting that everyone take a look at the benefits of converting some or all of a regular IRA into a Roth, particularly if you’re a married minister or in a high or low tax bracket.  Many ministers in the 0% tax bracket don’t realize it because of their housing allowance. These people definitely meet some of the criteria to consider a Roth conversion.   However, you can’t automatically disqualify yourself if you fall into the middle ( 10-15% ) tax brackets either.  Don’t believe you’re too young or too old for this strategy to work for you, either.  For many, but not all ministers, the best time to consider this strategy is when housing espenses are highest.   

Your state tax and estate plan need to be taken into account, as well as,  the cost and possible tax ramifications for the year of the coversion and a myriad of other factors, so it’s not as simple a calculation as one would hope.   Most people shouldn’t  try  to  figure this one out on their own.  The best way to determine and weigh all of the necessary factors is to evaluate your situation carefully with a qualified tax planner and financial advisor.  We’ll go deeper into the ramifications and criteria if you’d like to call us for a personal evaluation or join us for a  free webinar for more details. Learn more details of Roth IRA Conversions  in a free webinar to discover more about Who should convert and Why. Click here for information or to Register.