No matter what the reason, extending a hand to help always creates good will.
Keep the following in mind, and you'll be way ahead of the game.
- If you're looking for a tax deduction, make sure the beneficiary of your contribution qualifies as a legitimate public charity.
- Cause-related marketing, although not deductible as a charitable contribution, does amount to a tax-deductible marketing expense.
- Always keep accurate records of your contributions.
Action Steps
The best contacts and resources to help you get it done
It's not always about the money
Donation of products and services as well as special events participation can do a world of good.I recommend: Give.org, a BBB Wise-Giving Alliance, provides plenty of information on making the most of your willingness to help out worthy causes.
Put your excess inventory to good use
Translate problems like slow-moving or obsolete inventory into ready-made tax deductions through charitable giving.I recommend: Business enotes makes excellent suggestions on how to donate goods.
Promote your business through charitable affiliations
You can partner with a charitable organization in a way that brings more customers your way.I recommend: Frugal Marketing provides ideas on how to make partnering a win-win proposition.
Check out the organization before writing that check
Make sure the organization soliciting your gift qualifies as a legitimate charity.I recommend: NFIB gives good insight into looking for organizations where most of your contribution will reach the needy. The IRS has a search feature to locate legitimate charitable organizations for which there may be a tax deduction. Look for Publication 78. Charity Navigator calls itself "your guide to intelligent giving" and that's exactly what it is.
Finance your charitable goals by transforming your equity
If all of your assets are tied up in your business, and you are thinking of selling, you can transform your equity into a philanthropic fund to finance your charitable goals.I recommend: Many non-profit organizations will assist you in converting your company's closely held stock into a charitable contribution. National Philanthropic Trust is one of many.
Tips & Tactics
Helpful advice for making the most of this Guide
- Donated products must be targeted toward helping needy people like children, the elderly or the sick.
- Advertise your products or services in the communication vehicle of the charities you support.
- A tax-exempt organization is not necessarily one that generates a tax deduction for your contribution.
Donate Your Old Car to Charity
Donate your car and get free towing nationwide, a tax deductible receipt and a free vacation voucher.
www.DonateCars.com
Donate your car and get free towing nationwide, a tax deductible receipt and a free vacation voucher.
www.DonateCars.com
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