Kane & Company, Certified Public Accountants And Advisors

Yesterday, U.S. Senators introduced legislation to waive tax-deduction limits on donations designated for Haiti. This move is to encourage charitable contributions for relief efforts in the earthquake-stricken country. Under current law, taxpayers can take a charitable deduction of as much as 50% of their annual income and corporations can take deductions for charitable contributions of up to 10% of their taxable income for the tax year. This legislation would waive these limitations.