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From Collegiate Presswire's RadioWire (https://www.cpwire.com/radio): Radio Americans have been contributing to the tsunami relief effort in record numbers. To encourage even more giving, Congress and The President are providing a tax incentive - give now, and your contribution may be deducted from your 2004 federal income taxes. But not every contribution will count. Ken Gideon, chair of the American Bar Association section of taxation:
�To be deductible in 2004, contributions to the tsunami relief effort must be made before the end of January. Also, the new law applies only to cash contributions, but that includes checks and credit card donations. Taxpayers wanting to give stocks, mutual funds, or property would not be able to deduct the contribution in 2004, but may be able to do so in 2005. And, as always, make sure you keep a record of your contribution.�
For more advice on giving, go to the ABA�s website at tax tips-4-u-dot-org that�s taxtips, the number four, the letter u, dot org. CLICK HERE to download a transcript of this story: CLICK HERE to download a multimedia (MP3) file of this story: © Copyright 2004 Collegiate Presswire, Inc. and NBN/CP RadioWire |