Voluntarily pay down the federal debt and get an income tax deduction. If you’re feeling charitable and want to help reduce the spiraling federal debt, Uncle Sam will say thank you. These payments qualify as charitable contributions. Deduct contributions on Schedule A if you itemize. Nonitemizers can take up to $300 of total cash donations made to qualified charities…$600 on a joint return for 2021… as an above-the-line deduction on Form 1040. You can give online at www.pay.gov.

Feeling Charitable?

by | Mar 25, 2021 | Deductions, TallyTaxMan | 0 comments