- Days left
With the national debt growing at a frantic pace, a lot of Americans are terrified about what it will mean for our economic futures.

Luckily, you can help. CNNMoney senior writer Jeanne Sahadi reports that under an obscure 1961 law, you can make tax deductible contributions to help pay down the national debt. On average, about five donations are made per week and so in 2009, there have been just over $3 million in donations -- whose impact was quickly reversed by government spending on just 666 clunkers under the Cash For Clunkers program (funny how that math works out, just sayin').

If you want to help, you can send a check to Attn: Dept G, Bureau of the Public Debt, P.O. Box 2188, Parkersburg, WV 26106-2188.

And pretty soon, you'll be able to make contributions through PayPal (which, if you sell on eBay, could make a good marketing pitch: "10% of your purchase will go directly toward paying off the national debt!").

Here's a better idea: Add a line to Form 1040 that allows taxpayers to direct that 10% of their income tax payments go toward the national debt. That makes it easy for anyone who would prefer to see their money used to buy new cars for the neighbors.

Increase your money and finance knowledge from home

Banking Services 101

Understand your bank's services, and how to get the most from them

View Course »

Introduction to Preferred Shares

Learn the difference between preferred and common shares.

View Course »

TurboTax Articles

Video: Tax Filing Requirements for Children

Depending on how much money they made during the year, your children may very well have to file for taxes. Learn about tax filing requirements for children with help from TurboTax in this video on tax tips.

Are Losses on a Roth IRA Tax Deductible?

When the value of your investments in a Roth IRA (Roth Individual Retirement Account) decreases, you might wonder if there is a way to write off those losses on your federal income tax return. Find out what you can and can't write off when it comes to your Roth IRA.

Add a Comment

*0 / 3000 Character Maximum