There’s one way folks can help the earthquake victims in Haiti and help themselves just a little bit in the process.
Contributions made to relief efforts in Haiti can be deducted as “donations” when making their 2009 state income tax returns. It’s a no-lose situation.
“Alabamians have been so generous in coming to the aid of people of Haiti during this time of need,” said Gov. Bob Riley. “This tax benefit, hopefully, will encourage even more Alabamians to come forward and assist those who are suffering.”
There are a number of guidelines that must be followed:
* Contributions must be made between Jan. 11 and March 1.
* Contributions must be made by check, credit card or debit card.
* For contributions made via text message, a copy of the month’s cell phone bill must be kept for documentation.
* Bank records are also encouraged to be kept.
More information regarding the guidelines and how much one can deduct can be found on the IRS Web site at www.irs.gov.
Alabama State Revenue Commissioner Tim Russell said taxpayers who make the contributions will receive the tax benefit on their Alabama returns should they follow the federal relief provision on federal returns.
Hundreds of thousands of lives were lost when a magnitude 7 quake rocked the island nation on Jan. 12, and thousands more were left injured and homeless.
To sum: make your contribution to those in need; keep proper records and documentation of these contributions; follow the guidelines on the state and federal tax returns; enjoy your deduction.
These are certainly times of need and when we have any opportunity to help our fellow man, particularly when we are somewhat reimbursed for our generosity, there is no reason why we should not lend a helping hand.
The IRS has provided us this avenue. Let’s use it.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement