Don't forget to deduct charitable contributions

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This year, thousands of Americans contributed to the Haiti disaster relief through a variety of nonprofit foundations.  But how many of these individuals will remember to claim these financial contributions when doing their taxes? 

Charitable contributions are among the most commonly forgotten tax deductions, and they can save you a lot. 

The following are some helpful tips to consider when claiming charitable contributions:

• A new law allows those who gave money to the Haiti earthquake relief to deduct contributions when filing for their 2009 tax returns.  According to Notice 1396, these contributions must have been made after Jan. 11, 2010 and before March 1, 2010.  They must also have been made to qualifying organizations.  This type of deduction is rare as the contribution was made to a foreign country, so those who gave should take advantage of it.  Visit IRS.gov for an overview of all charitable contribution legislation and updates.   
• Keep all receipts.  Whether you've texted contributions, gave cash or used your credit card, be sure to collect and record all charitable transactions throughout the year.  You can't deduct your time or services given to charities, but anything financial can be included in your taxes.  Don't forget that if your total contribution exceeds $5,000, you will need to break contributions down into categories.  Click here for 10 more tips for deducting charitable contributions.
  
• Contribute to a qualifying charity.  However good they may be, contributions to just any charitable organization may not be tax deductible.  The IRS has an official list of charities that qualify for tax-deductible contributions.  You can view this list on the IRS Web site.

Do yourself and the community a favor this year by giving charitable contributions and claiming them on your tax forms.   

Charitable contributions are just one of the many tax deductions that people often forget to claim.  Click here for 10  more deductions you may qualify for so you can get the most out of your tax return.