Tuesday, April 14, 2015
The clergy tax break
Did you know that for all of the modern era of the tax code only two groups have been allowed to not participate in the social security system. Clergy and U.S. Senators and Congressman. They have been closing the clergy loophole for decades but our congress has their own retirement system as a perk, while they vote to mess with the system set up for all Americans.
The other huge clergy tax break is a deduction of the fair rental value of your home from your salary. It's the only way we have avoided heavy taxation through the years of our career.
And Turbo Tax has a spot to include this deduction, but for the second year in a row it is not working right and for the second year in a row I am having to have an extension to figure it out. I will not complain because I am grateful for being given this help in the tax code and I am sure in the future and in our present climate this will be under consideration for change.
In the meantime, God bless America!