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IRS Reminds Taxpayers How To Provide Earthquake Relief For Japan
By Stacie Clifford Kitts, CPA
The IRS today issued a reminder for individuals, businesses and charitable organization that wish to provide assistance to the victims of Japan’s devastating 8.9 magnitude earthquake.
Its important to remember, if you make charitable contributions to qualified U.S. charities that provide assistance to foreign country’s, your contribution is tax deductible. Making contributions to an organization or individual that is not a qualified U.S. organization will not get you a tax deduction.
Many individuals, businesses and charitable organizations wish to provide assistance to the victims of Japan’s recent earthquake. Consult Disaster Relief Resources for Charities and Donors on IRS.gov to get information about how to provide assistance to victims through a charitable organization.
Contributions to domestic tax-exempt, charitable organizations that provide assistance to individuals in foreign lands qualify as tax-deductible contributions for federal income tax purposes, provided that the U.S. organization has control and discretion over the use of funds. Donors should ensure that they make contributions to qualified charities. Use the Search for Charities function on IRS.gov to see if the charity you intend to support is a qualified charity listed in Pub. 78. Certain organizations, such as churches or governmental organizations, may be qualified to accept charitable contributions, even though they are not listed in Pub. 78.
Related Articles
- Japanese earthquake relief: tax rules for international donation deductions (dontmesswithtaxes.typepad.com)
- Japan earthquake info (blogs.discovermagazine.com)
- Disaster Prevention and Relief (atheistethicist.blogspot.com)
- 2011 Sendai Earthquake: How To Help (thedailywh.at)
- 8.9 earthquake in Japan: Tsunami watch; preparedness reminder (westseattleblog.com)
- How Can I Help Japan? Donate To 2011 Tsunami-Earthquake Relief (nowpublic.com)
2011 Standard Mileage Rates
Look out, the IRS announced the new mileage rates for 2011. Read on for more information.
WASHINGTON — The Internal Revenue Service today issued the 2011 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 51 cents per mile for business miles driven
- 19 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.
Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
Revenue Procedure 2010-51 contains additional details regarding the standard mileage rates.
Related Articles
- Business Use of Vehicles (turbotax.intuit.com)
- Depreciation of Business Assets (turbotax.intuit.com)
- Charitable Work Helps Your Bottom Line (turbotax.intuit.com)
- Taking Business Tax Deductions (turbotax.intuit.com)
- California Budget Crisis: Lawmakers Keep Decades Old Luxury Vehicle Perk (huffingtonpost.com)
Stacie's Tax Stuff 