J.K. Lasser's 1001 Deductions and Tax Breaks 2020 by Barbara Weltman

Author:Barbara Weltman
Language: eng
Format: epub
ISBN: 9781119610618
Publisher: Wiley
Published: 2019-10-15T00:00:00+00:00

Anthropologist Margaret Mead said, “Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed it is the only thing that ever has.” Perhaps that's why so many Americans belong to organizations of all kinds, including religious, civic, and fraternal organizations. Belonging is rewarded taxwise to a certain extent by permitting the cost of dues to be deductible, within certain limits.

Benefit

If you pay dues to nonprofit organizations, you can treat the payments as cash contributions subject to the rules discussed earlier in this chapter. Examples of membership fees that are deductible include payments to religious organizations (e.g., your church) and fraternal organizations operating under a lodge system (e.g., Elks Club).

You must reduce your deduction, however, by the value of any benefits (other than token amounts) you receive, such as monthly journals.

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