Ah, Charitable giving. There’s no better feeling than giving back to your community or a charitable organization that you support and can relate to. Outside of moral implications, charitable giving provides you with financial benefits as well. Many businesses not only donate profits, sponsor events, and partner with charitable organizations because it makes them feel good but for corporate purposes too.
Now, that’s not to say that businesses are apathetic towards making the world a brighter place; simply that it charitable giving has both moral and financial benefits. Today, we’re here to talk about the financial side. Allow us to walk you through some of the benefits of charitable giving from a business standpoint.
Are you getting killed by taxes every tax season? If so, it sounds like you need to invest in more charitable giving. Charitable acts or contributions can serve as sizable tax deductions. Looking for an effective way to minimize your tax bill? Start giving back. Any expenses that go toward a charitable organization, event or sponsorship can be written off as a tax deduction.
That includes large cost like hosting charity events and making large contributions, to smaller expenses like the cost of gas when transporting materials or the donating your specific products and services to a cause. When handling your taxes, remember to sit down with your accountant to discuss any charitable contributions you’ve might’ve made recently in order to find as many deductions as possible.
Raise Brand Awareness
There’s a reason companies like Pepsi and Microsoft will shell out millions of dollars to have their name attached to a charity event: brand awareness. If you’re a small business or someone with little recognition then the easiest way to get your name out there is by attaching it to a charity or sponsoring an event. Most charitable organizations make it their business to acknowledge those that have contributed to their cause.
Also if you’re present at an event, that means even more exposure for your brand. Charitable organizations like Osners typically post photos or recaps of their events on their website, meaning any visitors will see your business helping out as well. People love to see local businesses doing their part in the community and are more inclined to see what you’re all about.
Network/Partner with Other Businesses
This one can do you wonders long-term. Rarely are you the only one contributing to specific cause or organization. Charitable giving provides the opportunity for networking and possibly partnering with other business in the future. Now, if you’re one of those people that believe it’s every business for itself, just think of the benefits.
Businesses that partner have the ability to pool their resources, funds, and personnel to accomplish goals in a shorter amount of time. By attending and contributing to charitable events, you’re not only receiving tax benefits and brand exposure but also forging potentially valuable relationships. It’s all about how you put things into perspective.
Are you looking for a way to give back, contribute, or to become a sponsor? Visit Osners.org for donation information in addition to other information on how to you can do your part!