Donating to charitable organizations comes with lots of benefits, including ones you’ll enjoy on your tax return when filing with Uncle Sam. To lay them out one-by-one, here are 4 reasons to donate to charity this holiday season:
1. It’s a kind gesture for those in need.
There are millions of individuals and families out there who are much less fortunate than the average person. Because of this, it is such a kind gesture to make a donation to a charity that will go toward people in need. It always gives you that warm and fuzzy feeling inside when you know that you’re making a difference in the lives of others.
2. Charities are always looking for contributions this time of year.
Making charitable donations is particularly important during the holiday season when many of us get to open presents and enjoy tasty food, while others are unable to experience these joys in life that we too often take for granted. If you have some old toys that your kids have outgrown, consider giving them to a nonprofit that will then offer them to less fortunate families with children who can play with them. The same goes for any clothing, household goods, or other items you no longer need that others could benefit from having in their homes. If you can make someone smile during the holidays via a charitable contribution, it should make your holiday season even more festive.
3. It gives you a good reason to clean out your closets.
No matter what time of year it is, cleaning out your closets for a good cause is never a bad idea. Not only are you getting rid of things that you simply don’t use anymore, but also you are putting them in the hands of those who can really use and benefit from them. How could you ask for a better combination? Plus, if you’re doing some holiday shopping, you’ll need some extra space to store the new gifts you get for your spouse, kids, or grandkids.
4. Tax-deductible donations can help in reducing your taxes when filing with the IRS.
One of the great IRS tax deductions that almost anyone can enjoy revolves around charitable contributions. As long as you donate items to qualifying charities, you can typically write off these contributions when preparing your tax return, which can help you in reducing your taxes. You can write off clothing, toys, household items, and even vehicles that you donate to charity. Remember to obtain a receipt or other form of written acknowledgement from any charitable organization to which you make a donation. You’ll need this documentation to prove to the IRS that your charitable deduction is legitimate.
For more reasons to donate to charity in terms of tax benefits, along with other IRS tax deductions that can help in reducing your taxes, turn to the accounting experts at 1-800Accountant. Call 1-800-222-6868 or click over to www.1-800Accountant.
Image credit: The image included in this blog post is used with permission via the Creative Commons license through Flickr.