Some folks believe everyone is responsible for his or her own life, and it is never somebody's else business to make up what others do not actually have.
However, in some circumstances, there are always less fortunate people, not because they've strived less in life, but simply because for some unfortunate reasons, they are out there, and destined to be part of our existence, possibly to teach us nobility and generosity.
We don't encourage people to beg, and stay lazy while waiting for outside help. However, there is something to be said for reaching out a hand to the less fortunate, as an act of goodwill.
The governments of many countries reward those that have a heart and want to give to others.
So giving to charity does not necessarily mean the act of giving to charities is non profitable, as there are the Tax Benefits for Giving, provided for by the law as government-mandated tax deductions on your income tax returns.
This is known as the CHARITABLE CONTRIBUTION DEDUCTIONS, which entitles donors, not only to have the glory of giving and receiving a blessing in return of such goodwill, but as well as, saving on our tax payments by getting certain percentage of deductions from the amount we owe in filing for our INCOME TAX RETURNS. Though, it still depends on the cost of the gift we share to a qualified charitable institutions, it's an amount we can't afford to ignore, since it can go as high as 50 percent depending on the tax bracket we are in.
To claim these deductions, all we need to do is to fill out a 1040 Form, which is available through the IRS website.
Always keep in mind to properly document donations to qualify for the deductions. Especially if it is more than $250, you will want to maintain records of information on file, such as; cancelled checks, credit card statements, or emailed receipts from the institutions. ( Bear in mind that these organizations are incorporated and identified by the IRS as a 501(c)(3) organization as they are the entities, which have been given tax exempt status and can accept contributions for legitimate deductons ).
You can check Justgive.org for more listings or registered 501(c)(3) organizations.
For more info on great tax benefits involving charity, visit http://www.charitynavigator.org
Special note: this article is not meant to give tax or legal advice. Seeking professional accounting and/or legal advice is always recommended for your own personal situation.
David Arnold Livingston is an advocate for giving to charities.
He recommends the resource: Total Charity