Is donating to more charities on your list of resolutions this year? If so, you may want to consider giving locally and routinely, as it can be a win-win for you and your favorite community cause.
It’s no secret the pandemic has negatively impacted everyone in the U.S., but did you know one in six kids in Washington State live in a household that faces challenges in putting enough food on the table, and one million WA residents visited a food bank last year? While this is only one area that can use your support, we’ve outlined how making local charitable donations on an automatic basis can help you and your local not-for-profits.
Know That Every Bit Helps
Often people feel that making small donations won’t help anyone, anyway, but this is simply not true. Consistently donating even small amounts can definitely make a positive impact and aid families in need. If you’re unfamiliar with the local charities, a quick Google search will bring up a list of leading ones in the area. Or ask around to see what organizations your friends, co-workers and family members contribute to. Plus, lending a hand to others can give you a sense of purpose and meaning, and even make you feel better about yourself.
Making Automatic Payments Is A No-Brainer
Setting up automatic donations, whether they’re quarterly or monthly, will give you one less thing to think about. It’ll also make your life simpler come tax time, as the organization will send you one complete record of your annual donations at year’s end. You further help the charity by providing regular payments, as it enables them to know in advance how much income they’ll have for the year and how best to use it to help the community they serve.
Charitable Deductions Can Help You At Tax Time
Of course, when you make charitable donations to your favorite 501(c)(3) foundations, you’re allowed to lower your income when filing your annual tax return. Remember to carefully research the organization you’re interested in supporting, and confirm your monetary donations will in fact be deductible. Remember to keep your receipts, and visit the IRS’ website for more tips on how to deduct charity donations when you file in April. Happy giving!
Call a Member Specialist at 800-422-5852 to find out how we can help you reach your financial goals.