Americans who make donations for tsunami relief could see some tax relief. Tax experts call the move by the IRS unprecedented.
The IRS is giving people more time to make tsunami relief cash donations and deduct them for 2004. The tsunami hit parts of South Asia one month ago, killing more than 220, 000 people. Anyone who itemizes their deductions can deduct a cash donation to a qualified organization made by January 31st.
Tax professional Patrice Gillespie from H & R Block says, “You can make a donation in January 2005 and if you itemize, you can use that on your tax return for 2004. That's huge. In my lifetime, it's never been. It took an act of Congress to make it happen.”
Keep in mind, that window of opportunity is closing. Less than a week remains until the end of the month.