chronicle philanthropy
Saturday, December 19th, 2009
chronicle philanthropy
Is this a good example of how evil, greedy capitalists destroy people?
In a quiet meeting closed to the news media and the public, Bill Gates, David Rockefeller Sr., Oprah Winfrey and other leading philanthropists met in New York this month to discuss ways to promote efforts to solve growing social problems in America and abroad.
Together, the philanthropists in the room have committed a total of more than $72.5 billion to charitable causes since 1996, according to Chronicle of Philanthropy tallies.
http://www.msnbc.msn.com/id/30851839/ns/us_news-giving/
Damn republicans!
chronicle philanthropy
Congress working on tax deduction for Haiti donors
By NIRVI SHAH
nshah@MiamiHerald.com
Taxpayers may be able to write off cash donations made to relief efforts in Haiti on their 2009 income tax returns.The U.S. House unanimously passed a bill Wednesday that would make donations made after Jan. 11 and before March 1 deductible for 2009.
The goal is to encourage donations beyond the $275 million already given, according to estimates by The Chronicle of Philanthropy.
The Senate is expected to pass the bill as well. Without a change, donations made this year couldn’t be deducted from income taxes until taxpayers file 2010 returns. In 2005, a similar law was created to encourage donations to victims of a tsunami in the Indian Ocean that happened at the end of 2004.
Contributions to U.S.-based, tax-exempt charities that provide assistance to foreign countries can be counted as tax-deductible contributions on federal income tax returns. Donations to foreign organizations generally are not deductible.
Only taxpayers who itemize their deductions on Form 1040, Schedule A, can claim deductions to charities. Regardless of the amount of a donation, taxpayers need bank records or written communication from the charity that shows the date and amount of their gift.
With millions collected by charities via text messages, the House bill specified that taxpayers could use a phone bill as a receipt. Some text donations can be verified with receipts at www.mgive.org/receipt.
Other proposals related to contributions to Haiti include allowing a waiver of the limit on how much of a taxpayer’s income can be deducted in a year — if the donations are cash and specifically designated for Haiti relief. The current limit is 50 percent. A corporation can donate up to 10 percent.
Another proposal is to allow corporations that donate food to relief efforts to deduct the actual market value of the donation, rather than the cost to produce the food.
That tax break expired at the end of 2009.
http://versatiletax.com/tax_preparation.php
About the Author
http://versatiletax.com/tax_preparation.php
In Their Own Words: Nicole Driebe
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