The NFPC Tax/Retirement is a popular program and has been presented to hundreds of priests in over 30 dioceses around the country
Key aspects of the program include:
- The differences between taxes for priests and lay people
- What constitutes income for priests
- Key tax deductions common to priests
- The benefits of stocks and bonds as investments
- The importance of investment diversification
- How to develop an investment strategy through retirement planning
- The importance of personal savings plans
The Tax portion of the program is designed to help priests meet the unique obligations priests have when reporting their income to the IRS under current Federal tax laws. Participants learn about how the IRS views “stole fees,” how to report this kind of income, what can be included as business expenses and how to report them. Tips are provided to determine the value of rectory living and suggestions are offered to maximize contributions to tax sheltered annuity programs such as a 403(b) program. The program includes a complimentary guide with steps on how to do it yourself.
The Retirement portion of the program offers the basics of how to build an individual investment management program. Participants learn how to identify their investment needs as income, growth or liquidity and discuss why it is important to determine risk/return preference. The program covers investing in stocks, bonds or other assets as well as retirement funds such as 403(b) plans, IRAs and mutual funds.
Recommended length: 1 Day