Under a new stimulus bill passed by Congress, millions of Americans will or have already received a third stimulus check. Third-round payments will be for $1,400 per eligible person, plus an additional $1,400 for each eligible dependent. Many families who have lost income during the coronavirus pandemic will need to use their checks to put food on the table or keep a roof over their heads. But if you’re still fully employed and not financially distressed, consider putting your stimulus check to work.
With many restaurants still closed and most events shut down, it’s more difficult to “waste” your third stimulus check on vacations, attending a concert, and the like. So, instead of spending your third stimulus check on something you really don’t need, think about saving, support local businesses or donating the money you receive from Uncle Sam to a deserving non profit organization.
If your finances are in order and your job is secure, considering using your stimulus check to help those who don’t share your good fortune. You can deduct a portion of your donation on your 2021 tax return even if, like most taxpayers you claim the standard deduction. That’s because there’s an”above-the-line” deduction for up to $300 of cash donations. This new deduction was originally allowed for 2020 returns only. Buy a gift card for a local restaurant or other small business that has been forced to close or scale back operations during the coronavirus pandemic.
Support your local Volunteer Fire Departments who have struggled with loss of funding this year. Robert Hackbarth, President of the Bruin VFD states, “COVID has increased our call volumes while impacting our finances. We have had to purchase additional PPE (Personal Protective Equipment) to protect our personnel. All fundraising has transitioned to virtual due to social distancing guidelines.”
These organizations have felt the effect greatly in revenue due to loss of hall rentals, fundraisers and regular donations have decreased. These folks are always there if we need them, lets do our part and help them when they need it the most.
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