Don’t File Your Taxes Yet If You Gave to Chile

Tax Act

Don’t File Your Taxes Yet If You Gave to Chile

With the recent Chile Earthquake on the minds of millions of Americans, the US House of Representatives is looking to add a Chile donation special tax deduction similar to the one in place for Haiti relief efforts. If the measure is approved, charitable donations sent to help Chile victims of the earthquake will be deductable on taxpayer’s 2009 tax returns although the donations are actually being made in 2010. Donations would need to be made before April 15th, the tax filing deadline.

The US House of Representative bill was passed without any opposition with the bill now on its way to the Senate for approval. An additional measure in the bill allows for Haitian donations to be made up until April 15th, an extension of over a month. So holding off until the bill passes will be helpful for those looking to make such donations.

If you have already filed your 2009 taxes but do not want to wait until next year to claim your charitable donations, amending your return by filing a 1040X will provide you the deduction this calendar year.

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