People in the U.S. typically do a good job of giving to charity, although they certainly could do better. About 70% of Americans donate to charity in any given year, although on average, they only give about 3% of their income. People also donate their time to charities and they donate new and used items, such as clothing that might be part of Red Cross pickups. There are a number of benefits to giving to charity.
One of the biggest advantages of giving either money or goods to charities is the tax break that you get. The IRS allows you to deduct from your taxable income money that you give to qualified charities as well as the value of items you give, such as a clothes donations. Unfortunately, you do not get a deduction for the value of time you donate.
Another big advantage to donating to charity (more…)
15 Oct 2016