Haiti Relief Donations Qualify for Immediate Tax Relief

It’s that time of year when we are all receiving our W-2s or 1099s. Maybe you are looking at yours and thinking that you will owe the IRS a lot of money this year or that you won’t get as big of a tax return as in previous years. If so, there is still something you can do about it! The IRS has recently announced and enacted that “People who give to charities providing earthquake relief in Haiti can claim these donations on the tax return they are completing this season.” This announcement was made on January 22^nd and affects those taxpayers who will itemize their deductions on their 2009 tax return.

Only cash contributions made to qualifying 501(c)(3) charities between Jan. 11, 2010, and March 1, 2010 will qualify for immediate tax relief. You are given the option to deduct this Haiti Relief donation on your 2009 tax return or 2010 tax return, but not both.

To receive any tax-deduction you must make sure your Haiti Relief donations goes to an organization that is eligible to receive tax-deductible donations. Most of these organizations can be found through an online database on the Internal Revenue’s Website (Search for Charities). Also, you should know that most donations to a foreign organization are not tax deductible.

Of course, make sure that you keep a record of any deductible donation you make or request a donation receipt from the 501(c)(3)organization you give to. If you were one of the many thousands that donated by text message, you can use a telephone bill as long as it shows the name of the organization you gave to, the date of the contribution, and the amount.

Find out more information on this opportunity through the IRS’s website: http://www.irs.gov/newsroom/article/0,,id=218678,00.html?portlet=7