Keep those Tsunami Relief donation receipts, Bush will let you...

[whistle]

...deduct them from your 2004 taxes.

<snip - from my accountant>

Tsunami Donations - Early Deduction

FYI

In an unusual show of bipartisan unity, Congress approved legislation Thursday that would let taxpayers deduct this month's donations to tsunami relief efforts on their 2004 tax returns.

The rule change - believed to be unprecedented and certainly so in recent history - means millions of taxpayers who contribute to tsunami-related charities this month won't have to wait until next year to claim the deductions. Ordinarily, taxpayers are required to claim deductions in the year they're made. The exception applies to cash donations made to disaster relief agencies through Jan. 31.

President Bush (news - web sites) is expected to sign the bill.

Not all donors will be able to take advantage of the rule change. To deduct charitable contributions, taxpayers must itemize on their tax returns. About two-thirds of taxpayers take the standard deduction, making them ineligible to deduct charitable contributions.

In addition, tax deductions are limited to tax-exempt U.S. organizations. Contributions made directly to a foreign charity may not be deductible.

<end>

Oh....never mind, I'm in the two/thirds group another break for the riches one third in the country....but it's for a good cause.

[progressiveBadger]

1. Of course...

the gap in tax money will be taken out of the foreign aid budget for this year.