Soles4Souls

Search:

Search

• Host a Shoe Drive
• Create Your Own Fundraiser
• Travel With Us
• Individuals
• Businesses
• Schools & Organizations
• Churches & Synagogues
• Footwear Industry
• Unique Ways to Help
• Areas in Need
• 4Kids

• Follow Us
• Friend Us

Congress Approves Accelerated Tax Deduction for Earthquake Relief

On January 20, 2010, taxpayers making monetary contributions in early 2010 to help Haiti after the devastating January 12 earthquake will be able to claim a deduction on their 2009 federal tax returns. The House of Representatives unanimously passed H.R. 4462 on January 20 to allow taxpayers to claim a charitable deduction on their 2009 returns for qualified Haiti disaster relief contributions made after January 11, 2010 and before March 1, 2010. The Senate approved the measure on January 21, and President Obama has also approved the measure.

 

CONTRIBUTIONS
Generally, contributions to qualified charitable organizations are deductible by individuals for the tax year in which the contribution was made. Individuals who itemize their deductions may deduct qualified contributions made in 2009 to charitable organizations on their 2009 returns filed in 2010.

HAITI CONTRIBUTIONS
The bill makes a special exception to the general rule for monetary donations to help Haiti recover from the January 12 earthquake. Individuals who make a monetary donation to a qualified charitable organization after January 11, 2010 and before March 1, 2010 may claim the contribution as a deduction on their 2009 or 2010 federal income tax returns. Taxpayers may not deduct contributions on both their 2009 and 2010 returns.

Taxpayers must itemize their deductions to take advantage of the special provision.The contribution must be monetary to qualify for this special treatment. Donations by check or credit card qualify. Contributions of marketable securities or other property, however easily convertible into cash, cannot be accelerated. Also this bill does not waive the normal percentage limitation and carryover rules for charitable deductions.

To assist in the designation of your generous donation to aid the victims of this disaster, we are providing the attached statement of use applying to all funds donated during this period. You may print this form for your charitable contribution records.