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New Tax Breaks For Katrina Good Guys Help Throughout U.S. $6.1 billion aid package offers relief for donors, charitable volunteers.(FUNDS & PERSONAL FINANCE)
Byline: PAUL KATZEFF
The tax bill providing help to victims of Hurricane Katrina that President Bush signed last month also offers breaks to those who lend a helping hand.
One provision makes it easier to deduct charitable cash contributions.
Usually, charitable deductions are limited to 50% of your adjusted gross income.
Now the cap on deductions for contributions made between Aug. 28 and Dec. 31 is 100% of AGI.
This can be especially helpful to taxpayers with a lot of tax-exempt income, says Mark Luscombe, a federal tax expert for research firm CCH.
Say your annual income is $1 million. And suppose $900,000 of that stems from interest paid by municipal bonds. Imagine the $100,000 balance of your income is from taxable income.
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