MercuryNews.com | 02/06/2005 | REWARDING GENEROSITY IN TAX CODE

MercuryNews.com | 02/06/2005 | REWARDING GENEROSITY IN TAX CODE: "
snip snip
TSUNAMI EXTENSION: To encourage donations for tsunami relief, Congress extended the deadline for making 2004 tax-deductible contributions until Jan. 31, 2005. If you made a donation last month, you can deduct it in either 2004 or 2005 (but not both). The donation must be designated for tsunami relief.
If you'll be able to itemize your deductions one year but not the other, you need to take the deduction in the year you itemize. If you're likely to be in a different tax bracket in 2005 than in 2004, you probably want to take the deduction in the year you're in the higher one.
Finally, one record-keeping hassle: California has not changed its rules regarding tsunami deductions. So any donations made in January will need to be deducted on your state return in 2005. If you choose "