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Haiti Donations in Early 2010 OK For Claiming On 2009 Returns

Posted by Administrator on Feb-1-2010

The IRS announced a new tax relief for people who contributed to providing earthquake relief in Haiti. It allows contributors to get the tax advantage of the donation for their 2009 claim rather than waiting a year for the benefit.

According to the irs.gov website, only cash contributions made after January 11, 2010 and before March 1, 2010 will qualify. All cash donations made after March 1, 2010 will only be eligible to be claimed for the 2010 tax year.

To gain the benefit, you must itemize your tax deductions using Schedule A. For more information, please visit the IRS website at irs.gov.

Archive for January 3rd, 2011

Jan
03

Military Tax Perks

Posted by mir

For those people who are serving in the U.S. military, there are some tax perks that you should be taking advantage of.  Here is a list of some of these well deserved perks:

Military personnel, as well as some other federal employees serving outside the country, have an extra year to qualify for a home buyer credit. U.S. taxpayers that are eligible for this credit need to sign a binding contract to buy a personal residence no later than April 30, 2011.

If you are out of the country on the deadline to file taxes, you are allowed an extra two months to file your return and pay what you owe without having to request an extension.  You qualify for this if you live outside the U.S. or Puerto Rico, and if your workplace is also outside of the U.S. or Puerto Rico.  You are also eligible if you are in the navy or military outside the U.S. or Puerto Rico.

If you belong to the U.S. Armed Forces and serve in a combat zone, you can exclude portions of pay from your income. Enlisted personnel, warrant officers, and commissioned warrant officers can exclude active duty pay earned in any month served in a combat zone, or hostile fire/imminent danger pay.

Members of the National Guard and Reserve can deduct travel expenses for overnight service trips 100 miles or more away from their home.