The Financial Edge
Online Article
Congress passes tax bill allowing 2005 charitable contributions to
tsunami relief to be deducted on 2004 returns.
For individuals who itemize, this tax bill allows you to claim a charitable contribution deduction on your 2004 individual income tax returns for any cash contributions to the victims of the December 26, 2004 Indian Ocean Tsunami. To be eligible, the contribution must be paid by January 31, 2005.
The deduction is optional, meaning you can deduct it in either 2004 or 2005 for federal tax purposes, however, not both tax years. If you choose to make an eligible contribution this month and you would like it to be deducted in 2004, please be sure to clearly note it on your tax organizer so that we are aware of it. For Oregon, the deduction is deductible in the year actually paid.
As advised whenever donating, confirm with the organization that it has an eligible tax-exempt status from the IRS. If you are unsure, you can call the IRS at 1-877-829-5500 or go online:
http://www.irs.gov/charities/index.html
Some eligible charities include:
NW Medical Teams (http://www.nwmti.org)
US Freedom Corps (http://www.usafreedomcorps.gov)
US AID (http://www.usaid.gov)
