March 27, 2014

Typhoon Tax Break: Still Time for Aid

Taxpayers who haven’t filed their 2013 income tax returns yet have a rare chance this year to get a last-minute deduction.

Normally, Americans can claim deductions for charitable contributions made through Dec. 31, a deadline that typically spurs a flurry of end-of-year giving.

This year, under a law signed March 25 by President Barack Obama, there’s an exception.

Cash donations made before April 15 to aid the victims of Typhoon Haiyan in the Philippines can be deducted from 2013 income.

“Time is of the essence, and I commend the Filipino American community groups who are urgently working to spur another round of critical contributions,” Sen. Mazie Hirono, a Hawaii Democrat, said in a statement.

Read the entire piece at: http://go.bloomberg.com/political-capital/2014-03-27/typhoon-tax-break-still-time-for-aid/


By:  Richard Rubin
Source: Bloomberg