Episode 12: Tax Breaks for Donations and Proposed Additional Benefits for Haitian Relief Efforts

Episode 12: Tax Breaks for Donations and Proposed Additional...

Kane & Company, Certified Public Accountants and Advisors

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Yesterday, U.S. Senators introduced legislation to waive tax-deduction limits on donations designated for Haiti. This move is to encourage charitable contributions for relief efforts in the earthquake-stricken country. Under current law, taxpayers can take a charitable deduction of as much as 50% of their annual income and corporations can take deductions for charitable contributions of up to 10% of their taxable income for the tax year. This legislation would waive these limitations.
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Yesterday, U.S. Senators introduced legislation to waive tax-deduction limits on donations designated for Haiti. This move is to encourage charitable contributions for relief efforts in the earthquake-stricken country. Under current law, taxpayers can take a charitable deduction of as much as 50% of their annual income and corporations can take deductions for charitable contributions of up to 10% of their taxable income for the tax year. This legislation would waive these limitations.
...Read More