President Obama signed Public Law 111-126 on January 22, 2010 allowing individuals who make cash charitable contributions for relief of Haitian earthquake victims to choose to claim a tax deduction in either 2009 or 2010, giving donors the opportunity to choose which year will give them a bigger tax savings.

In addition, the normal rules requiring documentation for charitable contributions have been relaxed.  Donations can be made by check, credit or debit card, or even by text message.  A cancelled check, credit card statement, or telephone bill will satisfy the IRS recordkeeping requirements for Haitian earthquake relief contributions if it shows the name of the donee organization, the date, and the amount of the contribution.

The date of the contribution must after January 11, 2010 and before March 1, 2010 to qualify for the election to claim a tax deduction in either the 2009 or 2010 tax year.

Important Note!

The information in this article is intended to inform you of some of the financial opportunities provided in the tax laws or elsewhere.  It is not intended to give you specific advice for your personal situation.  If you need such advice, please contact a qualified professional!