BusinessBrief.com » IRS: Haiti donations deductible on 2009 tax returns

IRS: Haiti donations deductible on 2009 tax returns

February 2, 2010 by Jennifer Azara
Posted in: Leadership

Here’s critical tax info to pass on to employees — it just may make them even a little more generous.

All eyes have been on the tragedy in Haiti for weeks now. And many companies and individuals have opened their wallet to help.

Good news: Folks don’t have to wait another year to enjoy the tax benefits of their benevolence.

IRS just came out with an announcement that charitable contributions to Haiti relief efforts can be deducted on 2009 tax returns.

Of course, some conditions apply. Besides the normal requirements guiding what counts as a donation, there are some new specific conditions, straight from the horse’s mouth:

  • Only cash contributions made to these charities after Jan. 11, 2010, and before March 1, 2010, are eligible. This includes contributions made by text message, check, credit card or debit card.
  • The contributions must be made specifically for the relief of victims in areas affected by the Jan. 12 earthquake in Haiti.
  • People may deduct these contributions on either their 2009 or 2010 returns — but not both.

And remind them they’ll still have to itemize their contributions and keep the proper records (wireless bills count for those Red Cross texts, says the Service).

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2010-03-19 16:05