The Benefits of Charitable Giving
If you want to help individuals who are struggling and make a difference in your community, consider making charitable giving a line item in your budget. Aside from the satisfaction of helping someone, there are multiple benefits associated with making a charitable donation. Here are a few of the top reasons to embrace charitable giving.
You Can Directly Impact Someone's Life
One of the top benefits of giving is that you personally can make a difference in someone's life. You don't need to donate thousands or hundreds of dollars to make an impact.
For someone who needs financial help or contributions for a specific cause, a single donation can mean the difference between buying groceries for dinner or having to go to bed hungry. Or, your contribution might mean that a child has hygiene products and clothing so that they can arrive at school feeling confident and ready to learn.
Aside from the financial impact of charitable giving, your donation also lets the recipient know that someone cares about them. The emotional boost from knowing that others care is invaluable.
You Might Encourage Others to Give
Giving often creates a snowball effect. Someone sees you contribute to a cause, and they're more likely to follow suit, either due to increased awareness of the need or out of positive peer pressure.
If you have children, lead by example with your charitable giving. Kids who see their parents participate in charitable giving are more likely to embrace generosity.
There is a Tax Deduction for Charitable Giving
When you donate to a qualified organization, you can take a tax deduction for your donation if you itemize on your federal tax return.*
This deduction lowers your taxable income, potentially giving you more money to support your favorite causes or work towards your financial goals.
You can deduct the full value of a cash donation or the fair market value of an item that you donate. In most tax years, you can't deduct more than a percentage of your adjusted gross income.*
Need an account dedicated to money you're saving for your charitable giving? Contact CCCU today!
CCCU is giving back. Learn more about CCCU’s charitable giving 2021.
* Please discuss your charitable giving tax strategy with a tax professional; CCCU does not provide tax advice.