Common Charitable Tax Deduction Questions
One of the benefits of making monetary or physical donations (besides the warm fuzzy feeling you get) is the ability to claim a tax deduction.
2 min read
Twin Cities Habitat for Humanity : 3:12 PM on October 23, 2023
Giving back to your community is far more than a charitable act, it is part of a profound personal journey. The impact of your generosity reaches far beyond charity; it resonates with the very essence of who you are. By doing good, you feel good, and when you feel good, you inspire others around you to take positive action in their lives, too. Delve into these five compelling reasons to donate, and you'll realize that the act of giving is a transformative force, not just for others, but for yourself as well.
Every contribution you make threads a stronger tapestry for our world. Whether it's your time, resources, or possessions, your generosity touches the lives of those who need it most. By inspiring your circle—friends, family, colleagues, and acquaintances—to join, you fortify the bonds of your community. Remember, a community's strength mirrors the compassion of its individuals. The more support we extend, the more resilient our community becomes.
Knowing that your actions directly help others is incredibly gratifying, which can make you feel happier. The act of selflessly giving, whether it's your time or financial assistance, fills your heart with a deep sense of happiness and fulfillment. Research has even shown a direct correlation between acts of charity and increased activity in the pleasure centers of your brain!
But it doesn't end there–the act of giving is a wellness prescription. Donating is linked to many health benefits, including reduced blood pressure, diminished stress, lowered feelings of anxiety and depression, and an enhanced sense of self-worth. It's a boost for your mind, body, and soul.
We all have that one closet we somehow manage to squeeze one more winter jacket, set of bed sheets, or miscellaneous items into. It's been on your to-do list to clean out, but the task always gets put on the back burner. Well, here's your reason to declutter with a purpose. Grab a cardboard box and start separating your items. When was the last time you wore or used it? If it’s been a couple months and the item is not seasonal, maybe it's best to give it a new home.
You can donate many household items to ReStore, our home improvement outlet that accepts small and large donations of new or gently used furniture, appliances, housewares, building materials, and more. Proceeds from the sales of these items help fund Habitat for Humanity’s work in your community.
Resource: The ReStore Donation Value Guide
Your own charitable donations inspire those around you to become more active within their community. As a parent, friend, boss, or employee, we all have underlying goals that motivate and drive us. Be a leader and take the first step by donating your time, resources, or old items to charity. You might be surprised how many people follow suit with a similar idea. You can even take advantage of your birthday celebration, especially if you are someone who never knows how to answer the age-old “So, what do you want for your birthday?” question. You can say, “I’d love it if you donated to my birthday campaign this year!” We have more information on how to set up your campaign here.
As a team-building activity for friends, families, or coworkers, consider signing up for group volunteering opportunities. Align your values, create new memories, and make an even larger impact on your community.
Bonus! Did you know that when you donate to a charity, the amount you give is tax deductible?
Your giving may decrease how much you have to pay in taxes. This can be appealing to both individuals and businesses, as these deductions can apply to both groups. Corporate giving is another excellent way to give back to your community. A company can deduct up to 10% of its taxable income.
Many companies extend their corporate giving by matching their employees’ charitable donations. See if your company matches donations to Twin Cities Habitat or other organizations.
All of these reasons to donate are centered on the idea of creating positive change. Perhaps you'll discover an additional benefit to donating once you give it a try for yourself.
Your gift unlocks bright futures! Donate now to create, preserve, and promote affordable homeownership in the Twin Cities.
One of the benefits of making monetary or physical donations (besides the warm fuzzy feeling you get) is the ability to claim a tax deduction.
Among the many reasons why people give to organizations like Twin Cities Habitat for Humanity, there is a bonus by means of a tax deduction. By far...
1 min read
Wow, does time fly! It’s hard to believe that summer is almost here and that means that the busiest construction season at habitat is under way....