Congress working on tax deduction for Haiti donors - Taxpayers may be able to write off cash donations made to relief efforts in Haiti on their 2009 income tax returns.
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You are here: DIME Home > Tax > Congress working on tax deduction for Haiti donors
Taxpayers may be able to write off cash donations made to relief efforts in Haiti on their 2009 income tax returns.
Author: Jarrod Mejiza
Date: Jan 22, 2010 - 5:45:36 AM
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By NIRVI SHAH
nshah@MiamiHerald.com
Taxpayers may be able to write off cash donations made to
relief efforts in
The goal is to encourage donations beyond the $275 million already given, according to estimates by The Chronicle of Philanthropy.
The Senate is expected to pass the bill as well. Without a change, donations
made this year couldn’t be deducted from income taxes until taxpayers
file 2010 returns. In 2005, a similar law was created to encourage donations to
victims of a tsunami in the
Contributions to U.S.-based, tax-exempt charities that provide assistance to foreign countries can be counted as tax-deductible contributions on federal income tax returns. Donations to foreign organizations generally are not deductible.
Only taxpayers who itemize their deductions on Form 1040, Schedule A, can claim deductions to charities. Regardless of the amount of a donation, taxpayers need bank records or written communication from the charity that shows the date and amount of their gift.
With millions collected by charities via text messages, the House bill specified that taxpayers could use a phone bill as a receipt. Some text donations can be verified with receipts at www.mgive.org/receipt.
Other proposals related to contributions to
Another proposal is to allow corporations that donate food to relief efforts to deduct the actual market value of the donation, rather than the cost to produce the food.
That tax break expired at the end of 2009
Keywords : Tax, Tax Returns, Tax Preparation.http://versatiletax.com/tax_preparation.php
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