New Law Allows Recent Contributions Deductible on 2009 Return
H&R Block is helping taxpayers who have done their parts to support relief efforts in Haiti after the latest natural disaster. A new law just signed allows these taxpayers to deduct that cash donation on their 2009 tax returns.
“Allowing tax deductions for those who have opened their wallets for Haiti’s recovery is great news for taxpayers, but it does come with some important caveats to remember,” said Corey Sutton Sr., district manager at H&R Block. “Most importantly, the deductions are only available for taxpayers who itemize their deductions, and the contribution must have been made by February 28, 2010. As always, keep a record of your donation; if you’re donating by text message, your phone bill should be sufficient.”
The key provisions of the bill are as follows:
- The contribution must be made from Jan. 12 to Feb. 28, 2010.
- The contribution must be made in cash for the relief of victims in areas affected by the earthquake in Haiti on January 12, 2010, to a U.S. charitable organization that is allowed to receive deductible donations. To check to see if a charity is eligible, visit the charities section of IRS.gov.
For further information please contact Debbie Fitzgerald at 770-887-6060, debbie@fitzgeraldpr.com or through our Business Directory.