Media in Trouble: All the news thats UNfit to print!: Donate to Tsunami NOW to Deduct this year

"The information of the people at large can alone make them safe, as they are the sole depositary of our political and religious freedom." --Thomas Jefferson 1810

Friday, January 28, 2005

Donate to Tsunami NOW to Deduct this year

This nifty law changemade it under most of the media radars. Interstingly, they are all about telling us to donate, but Clinton and Bush haven't updated their comercial to let you know about this tax deduction that was just passed. Anyway here are the specifics:
"Charitable considerations
The tax code has long provided rewards for generous filers, and this tax season is no different. In fact, a special law change was made early this year to allow some 2005 donations to count against 2004 taxes. Contributions made by Jan. 31 to tsunami relief funds can be deducted on your current return rather than being delayed until you file 2005 taxes next year. If, however, you'll get more of a tax benefit by waiting, you can decide to wait to deduct your charitable gift to tidal wave victims. A couple of things to remember here: You must itemize to deduct any contributions, and in addition to being made by the end of January, your tsunami donations must be in the form of cash, check or credit card."