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While donating to a charity is in itself a feel good act, the reality is charitable donations are positive for several reasons. Taking the time to understand how making a charitable donation can impact the charity, impact your bottom line, and make you feel good, will help you understand just how important it is to make charitable donations.
First, recognize that, especially during these tough economic times, charities are in need of help. Whether you choose a charity that supports homeless or otherwise needy people or one designed to give funding to medical research, charities are in need of funding more than ever before. You may be surprised to see just what impact even a small cash donation can have.
Second, remember that it isn’t just the charity that benefits from the donation. Instead, you got a big benefit at tax time. While there are a variety of rules impacting charitable donations and tax breaks, the reality is you will be eligible for at least some sort of tax deduction when you make a contribution. Talk to your accountant or tax professional to see what documentation you will need to keep.
Finally, making a charitable donation just feels good. Know that you are helping someone in need is a great way to generate positive energy in your life.
If you have some extra cash or some gently used household items or clothing, consider making a donation. You will help out some people in need, give yourself a tax break, and make yourself feel great!