Charities and non-profit organisations are always on the lookout for any additional help or funding to assist them in accomplishing their goals, and donating to these organisations is not only morally a good thing to do but can provide major benefits to your business.
In the ever-growing era of social media, companies seen as being charitable will earn a good reputation in the business market as being and will heighten the chance of a person or company wishing to trade with them.
Sponsorships of charities or events, donations of goods or services and financial donations are generally always tax-deductible. On your income taxes, it is possible you will be able to claim charitable contribution deductions on any contributions or volunteering expenses.
You will be able to cross out the mileage driven to and from volunteer work, as well as material costs on items purchased during volunteer projects. For your tax deduction, the non-profit organisation or charity will need to issue a tax form.
A variety of factors and your income can make it complicated when donating money to charities — it is important to seek advice from your accountant or tax adviser to ensure you are maximising your charitable giving whilst minimising the tax bill.
