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What are the Benefits of Charitable Giving?

By Edited Feb 21, 2014 0 1

 

What are the benefits of charitable giving? First of all, the benefit to yourself for charitable giving is the feeling of goodwill you can generate within your own self. Second of all is the good you can do for someone else, either as a group or an individual through your act of charitable giving. And last, but certainly not least, charitable giving, within certain limits, can be deducted on your Federal Income Tax return when you file those yearly income taxes.

To start with, let's discuss the reasons you may feel good through the act of charitable giving. If you are a 'caring' person, then certainly you are no stranger to 'charitable giving'. You probably already are giving of yourself, your time and your resources to others who may be in need, so you already know what the benefits of charitable giving are to yourself and to others. But for those who may not be 'in the habit' of giving to others, I will say this: If you want to feel good about yourself, and what you have the ability to do, then plan your next outing to be in the nature of giving something to others, be it time, money or resources.

Now let's talk about what you are going to give, what you are able to give and what you are inclined to give. In these days of hard times, not everyone has the money nor the resources to actually donate cash for charitable purposes. However, most of us have some items that we no longer use, so we can gather those items together and donate to a local Goodwill store, or another charitable thrift store. We can also donate our spare time to many of these places.

Next, let's discuss how to determine who or what organization you are going to make the beneficiary of your charitable giving.

I believe that 'charity should begin at home' so I would say research your own neighborhood for available organizations to which you may contribute for your charitable giving. Here are a few ideas you can look at to start your charitable giving:

1. your local church should be deserving of your time and your donation of what you may be able to afford
2. consider your local Goodwill, and Salvation Army organizations; they are deserving of your donations of household items
3. some organizations such as the Kidney Foundation will even take your used car as a donation when you want to get rid of it
4. your local American Heart Association is in need of funds to further research
5. your local American Cancer organizations are also in need of funds to further research
6. your town may have a local "Meals on Wheels' or Senior Citizens Center where you can donate your time and efforts to help make some elderly folks in your area happy and to be well-fed.

 

Overall, the benefits of charitable giving can be threefold.Firstly, it can give you as the 'giver', a 'feel-good' feeling, secondly, it will help the charitable organization you are donating to, and thirdly, it will benefit the individual who is the recipient of the services of that charitable organization.

Money is not always easy come, easy go
Credit: Nancy P. Goodman
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Comments

Apr 22, 2010 2:31pm
kp3028
Check with your tax advisor as to the implications on your taxes.
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