The statement, in full:
Aid for Tsunami Victims May be Tax Deductible
Contributions to domestic, tax-exempt, charitable organizations that provide assistance to individuals in foreign lands qualify as tax-deductible contributions for federal income tax purposes provided the U.S. organization has full control and discretion over the uses of such funds.
Publication 3833, Disaster Relief: Providing Assistance through Charitable Organizations (PDF 507K), explains how the public can use charitable organizations to help victims of disasters, and how new organizations can obtain tax-exempt status
Contributions are deductible for the year in which they are actually made.
SOME PLACES TO GIVE:
American Red Cross (via Amazon.com)
Salvation Army South Asia Relief Fund
Command Post list of donation sites (not all are U.S. Charities)
If the donation is made on a credit card by 12/31/04, it is deductible this year, even when the credit card bill is paid later.
The items included in the Tax Update Blog are informational only and are not meant as tax advice. Consult with your tax advisor to determine how any item applies to your situation.
Joe Kristan writes the Tax Update items, and any opinions expressed or implied are not necessarily shared by anyone else at Roth & Company, P.C. Address questions or comments on Tax Updates to