Individuals are the only ones that spend time doing volunteer work, or donating to charities. Businesses sometimes have a hand in such things as well. In fact, often charities will specifically contact businesses asking for donations of time and or money.
Individuals that donate to charities can use that monetary donation to save some money when tax time rolls around. But what about businesses? Cab donating your time and money save your business some money when it comes to tax time? It’s a possibility, and being a little giving could even save you from bankruptcy.
How Giving Back Benefits
OK, if your business is seriously in the red a few charity donations aren’t going to help save you, but if your business is struggling some being charitable may be helpful. The main way that being part of a charity, through your business, is beneficial, is that fact that you will be networking with other businesses and people with money. This can bring you new business, and more money.
Through volunteer and charity work your business helps make a name for themselves as a place that cares about their local community. Your business will gain respect, from the community and from your employees. You will be working to make the community you live in a better place for everyone, and all you need to do is put in some time and some money.
Where To Donate Your Time
While your business can simply just toss some money at charities, it pays to actually participate. You could host a charity function where people can come for food and drinks, and donate their money. You could have a silent auction at this function, which is a really popular thing, and can draw a decent crowd.
Pick charities that are local, and possibly even ones that are near and dear to employees at your business. This way you are doing something special and local, and your employees can feel like they matter even more.
There are many opportunities out there for helping charities. You can opt for charities that help children, from ones that help those kids that are sick to ones that help bring arts and music back into school. You can focus on charities that help seniors, ones that are aimed toward pets or wildlife; the sky’s the limit.
Research local charities, find out what they need. Maybe you could host a charity drive where people donate items needed at the local animal shelter or local children’s hospital. There are numerous options, and you don’t need to hold yourself to only helping on charity either.
Hold onto the receipts for the donations your business does do, and the time put in on charity benefits, and your accountant may be able to get you a kick back when tax time rolls around.
Originally posted on June 22, 2016 @ 8:53 am