News & Politics - Tsunami donations can be claimed on taxes thru 1/31/05

mh67511 · 01-13-2005, 10:41 PM

If you still need an incentive to give, Congress is allowing cash donations to IRS recognized charities to count as charitable deductions on your 2004 tax return.

Quote:

Money for tsunami victims counts on 2004 taxes

Congress has passed a law that will let you donate money for tsunami victims through Jan. 31 and still get a break on your 2004 taxes.

The donations must be made in cash. The extended deadline doesn't apply to donations for other causes, such as gifts to your alma mater, a check to your church or a bag of winter clothes for a local shelter.

Your total tax-deductible charitable donations, including cash and noncash items, are limited to 50 percent of your adjusted gross income. Deductions are valid only for gifts to a recognized charity, meaning it has IRS approval to register as a tax-exempt organization.

Before you donate, check to see if you're dealing with a reputable agency. Do that at www.charitynavigator.com.

The Web site is run by the nonprofit organization Charity Navigator, which evaluates and ranks charitable agencies. The top-ranked charities for tsunami aid are listed.

And don't forget to get a receipt for tax purposes.

http://www.ohio.com/mld/beaconjourna...0633693.htm?1c

LittleMilkJug · 01-14-2005, 05:32 AM

Kinda cancels out the good deed if you start claiming good deeds on your tax forms, no?

SuperDeluxe · 01-14-2005, 07:12 AM

Quote:

Originally Posted by LittleMilkJug

Kinda cancels out the good deed if you start claiming good deeds on your tax forms, no?

Why does it cancel out the good dead? Most people claim their charity donations for a year.

Milt Palacio · 01-14-2005, 07:13 AM

I don't think so.

It's very good Congress is allowing deductions through 1/31/05.

SuperDeluxe · 01-14-2005, 07:21 AM

Quote:

Originally Posted by Milt Palacio

I don't think so.

It's very good Congress is allowing deductions through 1/31/05.

agreed anything that increases the motiviation for people to donate more is okay in my book.

*Lauren · 01-14-2005, 08:10 AM

I'm of two minds. I donated $100, but I don't know if I'm going to claim it back on tax. If I get the money back, its not as if I've really donated it.

Plus, this could be really bad for the Australian economy. With Australians donating so much (over $200 million) plus the Aust. govt donating over 1 billion, come tax time the budget might fall over.

Milt Palacio · 01-14-2005, 08:17 AM

Bear in mind, you can only deduct these contributions if you file a Schedule A (Itemized Deductions).

For those of us who still take the standard deduction, it's not applicable.

Ambular · 01-18-2005, 01:26 PM

I don't think people should need incentive to give money to those in need of it, but sadly that's how things are I suppose.

Anyway, isn't the beauty of charity giving something to someone who truly needs help, knowing you won't get it back? Why do people need to be promised reimbursement for something they should happily give? I donate money to a children's charity but I hardly expect Compassion Int. to send ME a check at the end of the year.

Lorna · 01-18-2005, 01:29 PM

Quote:

Originally Posted by Ambular

Anyway, isn't the beauty of charity giving something to someone who truly needs help, knowing you won't get it back? Why do people need to be promised reimbursement for something they should happily give? I donate money to a children's charity but I hardly expect Compassion Int. to send ME a check at the end of the year.

Ditto!

Surely it defeats the point of charity if you benefit from it?!

In Fair Verona · 01-18-2005, 05:38 PM

It seems like a double-edged sword to me. Money is money, you know, and they do need it. However the motivation just seems entirely wrong to me. It doesn't seem as honest as to what charity is supposed to be.

We did a fund-raiser at school and I was so proud talking to one teacher whose seventh period raised over $500 dollars, and then she said that she told them that the class that donated the most money would get cookies. That sort of destroyed the magic, at least for me.

Also nations' motivations in general are sort of bothering me. It's like we're all in this big race to see whose government donates the most money so that they look the most charitable, and it really gets on my nerves because such a big deal is made out of it. "Australia donated THIS much! Well, Japan donated THIS much. American donated THAT much." It's like a race and now donations are so publicized, it's not only annoying but almost degrading.

I would still accept the money but if I knew somebody's motivation behind it I would probably not give them that much praise for it. Unfortunately money literally makes the world go round.

SuperDeluxe · 01-18-2005, 08:47 PM

Quote:

Originally Posted by In Fair Verona

It seems like a double-edged sword to me. Money is money, you know, and they do need it. However the motivation just seems entirely wrong to me. It doesn't seem as honest as to what charity is supposed to be.

We did a fund-raiser at school and I was so proud talking to one teacher whose seventh period raised over $500 dollars, and then she said that she told them that the class that donated the most money would get cookies. That sort of destroyed the magic, at least for me.

Also nations' motivations in general are sort of bothering me. It's like we're all in this big race to see whose government donates the most money so that they look the most charitable, and it really gets on my nerves because such a big deal is made out of it. "Australia donated THIS much! Well, Japan donated THIS much. American donated THAT much." It's like a race and now donations are so publicized, it's not only annoying but almost degrading.

I would still accept the money but if I knew somebody's motivation behind it I would probably not give them that much praise for it. Unfortunately money literally makes the world go round.

Damned if you do..damned if you dont. If the US didnt pledge what they we're pledging many we're calling them out for being stingy.

WalkingOnSunshine · 01-18-2005, 09:02 PM

Quote:

Originally Posted by SuperDeluxe

Why does it cancel out the good dead? Most people claim their charity donations for a year.

Exactly.

Personally, I do not have any problem at all if someone wants to claim this donation on their tax returns. And you are right, many people claim what they donate to charity every year. So I guess every good is cancelled out if you file a tax return on it?

Quote:

Originally Posted by In Fair Verona

It seems like a double-edged sword to me. Money is money, you know, and they do need it. However the motivation just seems entirely wrong to me. It doesn't seem as honest as to what charity is supposed to be.

We did a fund-raiser at school and I was so proud talking to one teacher whose seventh period raised over $500 dollars, and then she said that she told them that the class that donated the most money would get cookies. That sort of destroyed the magic, at least for me.

I see what you mean, but the fact is people are human. And, they work hard for their money. But, when something like this happens people come together and donate money. And, I don't really see the harm in giving incentives to raise money - especially when kids are involved.

Quote:

Also nations' motivations in general are sort of bothering me. It's like we're all in this big race to see whose government donates the most money so that they look the most charitable, and it really gets on my nerves because such a big deal is made out of it. "Australia donated THIS much! Well, Japan donated THIS much. American donated THAT much." It's like a race and now donations are so publicized, it's not only annoying but almost degrading.

I would still accept the money but if I knew somebody's motivation behind it I would probably not give them that much praise for it. Unfortunately money literally makes the world go round.

Well, I understand, but praise and glory are not really needed in a situation like this. Those affected just simply need the money and supplies. I do not really think they are wondering what (enter the country of your choice here)'s motivation is for their contribution to the tragedy.

Quote:

Originally Posted by SuperDeluxe

Damned if you do..damned if you dont. If the US didnt pledge what they we're pledging many we're calling them out for being stingy.

Catch 22 yet again if you ask me.

Citizen Sarah · 01-19-2005, 02:42 AM

I say claim it back then donate it again- that way the charities get double what you can afford to give.

Ambular · 01-19-2005, 09:17 AM

Quote:

Originally Posted by WalkingOnSunshine

praise and glory are not really needed in a situation like this. Those affected just simply need the money and supplies.

But that's the point - if "praise" is not needed, then why would people seek reimbursement for their donations? Why not let the good deed stand alone simply because people need it, and not because you are promised it back?

And I agree, the recipients probably do not question "why" people gave them money, they are just glad people had it in their hearts to give, but I am sure when they find out that those people were content with getting their money back, it kind of takes away from the "goodheartedness", so to speak.

I agree with Citizen Sarah, that's a good idea


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