As we advised in February, charitable contributions made through February 28, 2010 toward the Haiti disaster could be claimed as a 2009 charitable contribution deduction.
Because of the most recent disaster in Chile the House unanimously approved H.R. 4783 on March 10, 2010. This Bill will allow charitable contributions supporting both Chile and Haiti victims to be claimed as an itemized charitable deduction on their 2009 tax return. These contributions must be made by April 15, 2010. While this Bill has not been approved by the Senate as of March 18, 2010, approval is expected.
Taxpayer’s who may find themselves with a higher 2009 tax liability they previously projected may want to consider using this special provision to their advantage.
If you would like more details about this deduction or have questions about other tax deductions, please call our offices at (215) 665-3960 and ask to speak with one of our shareholders or email us at info@taxwarriors.com.