If you’re looking to give to charity but don’t have enough money to give a monetary amount, you are far from alone. After all, more than 95% of all people here in the United States give to charity in some capacity, and it’s very safe to assume that many of these people aren’t well off enough or even financially stable enough to give in the form of a monetary donation. Fortunately, however, there are a number of other ways to give back to charity, such as in the donation of used goods like textiles and old clothing.
After all, most people will be able to make charitable donations in the form of used clothing donations, as the average person now owns more clothing than ever before. In fact, a typical adult will consume more than 68 articles of clothing in just one year, with the average woman owning around 30 outfits, just about one for every single day of the month. In comparison, and to see how our clothing Continue reading What Every American Should Know About The Many Benefits Of Charitable Donations Here In The United States
We Americans are a generous group. At some level, and in some way, nearly all of us –95.4%–give to charity. This is a wonderful statistic, and really exemplifies the American spirit. It is something to be proud of!
In addition to monetary donations, giving items as donations for non profit organizations is also something to be proud of. It is a way of life to remember as we go about our everyday routines. Charitable donations are always needed and always appreciated. But many of us would find ourselves asking how to get this done. Trying to find out how to donate to charity does not have to be complicated or difficult.
Donations for non profit organizations are widely accepted. Are you wondering, for instance, ‘where can I donate clothes?’ You won’t have much trouble finding an answer, because, in fact, many groups will arrange to pick up clothing don Continue reading The Many Benefits of Donating and Recycling
Most companies feel obliged to help charitable organizations and other well-wishing foundations. However, the number of donation requests to respond to can be overwhelming, and sometimes its difficult to choose which cause to support. Corporates get pressure from different stakeholders, including the staff, government, competitors, shareholders and suppliers. Everyone seems to have their preferred charity, something that hampers most companies to donate. Giving can mean an advantage to your business if it’s done in the right way. Here are few ideas on how to manage and leverage your charitable donations.
The two ways you can donate money to an eligible charity is either in cash or a check. If your donations are in exchange for goods or services, make sure you’ve deducted the cost of these commodities from your donation. The remaining amount is what you can write off.
When doing cash donations, it’s important to have every transaction on paper. Even the smallest of contributions have to be supported by a receipt, credit card statement, bank statement, payroll deduction record or any written documentation from the charity with the specific date and amount in question. Remember for donations exceeding $250; you’ll be required to have a receipt, charity statement or similar documentation showing the value of the item and how much has been written off.
Most foundations accept a range of charitable donations such as clothing donations, furniture, vehicles among other assets. You can deduct the amount of these items on your tax return. To do this, you need to include a Noncash Charitable Contributions form with your tax returns if the deducted value for all noncash gift exceeds $500.
For items that worth $500 or more, you need an appraiser to assess the donation. The appraiser must conform to the codes and requirements established by the Internal Revenue Service. Tax deductions, however, doesn’t apply to every single charitable donation, particularly if the item you want to donate is damaged. You may need to send a picture of your item to verify it’s in good condition.
Making item donations is a clever way for organizations to leverage their charitable contributions. For instance, if you decide to give away stock as donations, you won’t pay any tax on the stock’s appreciation, but you are allowed to subtract the donated items total value.
Other than giving away tangible donations, you can decide to volunteer your services to a charity. Like cash and items donations, which are tax-deductible, volunteer work is also deductible provided you’ve acquired expenses in the process. For instance, if you organize a fundraising event towards helping a charity, you can deduct the cost incurred in organizing the event.
Consolidate your donations
Another way to max out your charitable contributions is by bundling donations. This reduces the overall taxable income and helps you to meet your standard deduction limit. However, this may not be the best option to leverage contributions as it may force you to enter a higher tax bracket than you’d have been with individual donations. Therefore, you need to understand the standard deduction for each to see if it’ll be viable to bundle donations.
Implementing these strategies can help your business maximize its contribution effort in meeting community needs. When you want to get involved in charity donations, ensure you understand how leveraging works to get the best out of it.