There are several worthy causes to support and to help make a meaningful impact on. Especially since 2020, there are many people and communities in need of our help. However, when donating to charities and other non profit organizations, not all donations are created equal. Here’s how you can make the most out of a charitable donation:
Whether the Donation is Tax Exempt
One of the great perks of donating is that you can get a tax deduction. If you’re looking to get a tax deduction, it’s important to check wether or not the donation is tax exempt because not every charity out there is. This is also a great indicator of whether a charity is legit. If a a donation to an established charity does not qualify for the exemption, then you should second guess your donation. The best way to check if your donation is tax exempt is by going to the IRS website and looking for the charity you’d like to donate to.
Do Your Research
If you want to make the most out of your charitable donation, then you need to do some research. When you give to the first charity you see, you might not be making the impact you that you were. To avoid this, it’s important to research an organization’s cause, how they plan to effect change, and if they have the stats to prove they’ve done so. A great way to check is by going to CharityNavigator.org. This site will give you financial insight into an organization and can show you exactly how they will be utilizing your donation.
Giving Back to the Community
It’s always great to give back to national and international causes, but it’s also important to give back to the local community. Making a donation to a local charity will allow you to see just how much your donation is making a difference. It can also be easier to research the charity when they’re right there in your community. You can give back to animals shelters, local food banks, homeless shelters, churches, and more. Although the charities are local, it’s still important to make sure they are a tax-exempt organization and will use your donation wisely.