The following item appears on today’s blog of World Magazine. This legislation, which was signed by the president Friday, (check with your tax preparer), gives all the more motivation to give a gift in the next 21 days through Relief Agency Brethren. See more details at www.gbim.org or www.fgbc.org.
Tsunami donations deductible for 2004 tax year
In case you haven’t heard, Congress on January 6 passed a law that allows Americans to write off on their 2004 tax returns any tsunami-relief donations made by January 31.
Under normal circumstances, taxpayers must wait to deduct charitable contributions made in January until they file returns for the current tax year. The new law, sponsored by Senators Max Baucus (D-Mont) and Charles Grassley (R-Iowa), makes an exception that’s meant to spur Americans to continue aiding the victims of the Southeast Asia tsunami.
“The American people are some of the most generous in the world, and this proposal will give them an extra incentive to support this great cause,” Sen. Baucus said.