Why is Giving Important?

1. GIVING TO CHARITY MAKES YOU FEEL GOOD

Donating to charity is a major mood-booster. The knowledge that you’re helping others is hugely empowering and, in turn, can make you feel happier and more fulfilled. Research has identified a link between making a donation to charity and increased activity in the area of the brain that registers pleasure – proving that as the old adage goes, it really is far better to give than to receive.

Research into why people give supports this. In a recent study, 700 various donors told researchers what motivated them to give regularly to charity; 42% agreed the enjoyment they receive from giving as a key influence.

2. GIVING TO CHARITY STRENGTHENS PERSONAL VALUES

A feeling of social conscience was the most widely-given reason to give to charity. Whatever type of charity work they supported, 96% said they felt they had a moral duty to use what they had to help others, a sentiment very much rooted in their personal values and principles.

Having the power to improve the lives of others is, to many people, a privilege, and one that comes with its own sense of obligation. Acting on these powerful feelings of responsibility is a great way to reinforce our own personal values and feel like we’re living in a way that is true to our own ethical beliefs. Giving Center is focused on it’s mission: To better improve the lives of the less fortunate!

3 GIVING IS MORE IMPACTFUL THAN EVER

Many people are concerned that their donations to charity may be reduced by tax or administrative costs, preventing the full amount from reaching the people or causes they really want to help. Thankfully there are ways to make the most of every donation to charity.

There are many other ways to give to charity tax-effectively too, such as by donating straight from your salary before tax is deducted through your payroll, donating shares to Giving Center, or leaving a charitable legacy in your Will. These methods of giving ensure your chosen charities benefit as much as possible from your support.

4. GIVING TO GIVING CENTER INTRODUCES YOUR CHILDREN TO THE IMPORTANCE OF GENEROSITY

Sharing the experience of donating to charity with your children shows them from a young age that they can make positive changes in the world. Children naturally love to help others, so nurturing their innate generosity is likely to mean that they grow up with a greater appreciation of what they have, and will carry on supporting charity in years to come.

Starting a tradition of donating to charity with your children is easy – try creating a family donation box that everyone can add to and nominate a family charity each year, involving the children in choosing which causes to support.

5. GIVING TO CHARITY ENCOURAGES FRIENDS AND FAMILY TO DO THE SAME

Your own charitable donations can inspire your nearest and dearest to give to causes important to them, and could even bring about a family-wide effort to back a charity or charities that have special significance to you as a group.

Family giving creates a bond, helping to bolster relationships through a shared goal and raising more money than could otherwise be possible through individual donations.

If this has inspired you to make a donation to charity, we can help. We make it easy to find a charity that’s working for causes important to you; whether you want to make a one-off donation, set up a donation plan or find out how to donate your time.

Rules of Giving to Charity and Tips for you

Tax deductible donations are contributions of money or goods to a tax-exempt organization such as Giving Center. Tax deductible donations can reduce taxable income. To claim tax deductible donations on your taxes, you must itemize on your tax return by filing Schedule A of IRS Form 1040 or 1040-SR.

How much can I deduct?

In general, you can deduct up to 60% of your adjusted gross income via charitable donations, but you may be limited to 20%, 30% or 50% depending on the type of contribution and the organization (contributions to certain private foundations, veterans organizations, fraternal societies, and cemetery organizations come with a lower limit, for instance). IRS Publication 526 has the details.

  • The limit applies to all donations you make throughout the year, no matter how many organizations you donate to.
  • Contributions that exceed the limit can often be deducted on your tax returns over the next five years — or until they’re gone — through a process called a carryover.

How to claim tax deductible donations on your tax return

  • Itemize at tax time. When you file your tax return every year, you’ll need to itemize your deductions in order to claim tax deductible donations to charity. That means filling out Schedule A along with the rest of your tax return.
  • Weigh the costs and benefits ahead of time. Itemizing can take more time than if you just take the standard deduction, and it may require more expensive tax software or create a higher bill from your tax preparer. Plus, if your standard deduction is more than the sum of your itemized deductions, it might be worth it to abandon itemizing and take the standard deduction instead. If you abandon itemizing, however, you abandon taking the deduction for what you donated.

Here are the standard deduction amounts by filing status. Again, if your standard deduction is more than the sum of your itemized deductions, it might be worth it to skip itemizing (and thus skip claiming those tax deductible donations) and take the standard deduction instead.

Filing status2019 tax year2020 tax year
Single$12,200$12,400
Married, filing jointly$24,400$24,800
Married, filing separately$12,200$12,400
Head of household$18,350$18,650

» MORE: Learn the difference between itemizing and taking the standard deduction

2 Things to remember about tax deductible donations

Tax deductible donations must meet certain guidelines, or you won’t get the extra cash to accompany your good deed. Here’s how to make your tax year a little sweeter.

1. Donate to a qualifying organization such as: Giving Center

  • Your charitable giving will qualify for a tax deduction only if it goes to a tax-exempt organization, as defined by section 501(c)(3) of the Internal Revenue Code.
  • Giving Center is an IRS-Approved 501(c)3 nonprofit charity organization!
  • You can verify an organization’s status with the IRS Exempt Organizations Select Check tool.
  • Before you donate, ask the charity how much of your contribution will be tax-deductible.

2. Document your contributions

Keep track of your tax deductible donations, no matter the amount. If you made a monetary contribution, qualifying documentation includes a bank statement, a credit card statement and a receipt from the charity (including date, amount and name of the organization) or a cancelled check. If you made a contribution as an automatic deduction from your paycheck through your employer, keep copies of your W-2 or pay stubs showing the amount and date of your donation.

You’ll need additional documentation in these circumstances:

  • Cash or property donations worth more than $250: The IRS requires you to get a written letter of acknowledgment from the charity. It must include the amount of cash you donated, whether you received anything from the charity in exchange for your donation, and an estimate of the value of those goods and services. You must receive the letter of acknowledgement by the date you file your taxes (usually April 15, but in 2020 the deadline is July 15) for the year you made the contribution.
  • If you deduct at least $500 worth of noncash donations: Fill out Form 8283 if you’ll deduct at least $500 in donated items. Additionally, you must attach an appraisal of your items to the form if they’re worth more than $5,000 total.

How to Give During a Pandemic

Many people’s lives have been turned upside down by the Coronavirus crisis, and many others want to help. But what is the best way to give in this uncertain time?

Today, there are numerous ways in which to make that donation to your favorite cause: Giving Center! Whether you want to use your checkbook to donate with us, donate directly on our website, or you can Venmo us!

Your donation can be made at all price points, nothing is too small or too large to donate!

Never doubt that your donation can make a difference even if it is small. Individuals made up more than 68 percent of overall charitable giving in the US during 2018, according to GivingUSA. Giving by foundations and corporations pale in comparison.

People like YOU keep the charitable world healthy and making a difference in all of our lives. Here are some of the ways you can help our Giving Center Charity today.

Use Your Checkbook

Donating to Giving Center by writing a check is still the most common form of philanthropy in the world. It is relatively simple and certainly direct. Some of us may have trouble even finding our checkbooks anymore, but we are still more likely to write a check to a charity than hand over our credit card to an online donation form, especially if we are giving a substantial amount. Although online financial donations to Giving Center grows more important every year, checks still work!

Donate Digitally

Online giving is often called crowdfunding. Donors of modest means, in the aggregate, can make an enormous difference. Online giving is still not the primary way that donors give, but it is the fastest-growing method. From Venmo to Cash app to GoFundMe, online donating is becoming an online trend!

Young people especially love online giving. It fits with their digital lifestyles. Giving Center is keeping up with that trend of online giving. Which is why you can find us on Venmo, Cash App, and more!

Donate Your Car

Donating your old car could be just the trick to get it out of your driveway and to do some good. Although there are car donation scams, you can be assured that Giving Center is an IRS Approved, registered 501(c)3 non-profit charity! We provide you with donation receipts and the tax documents needed when you file.

Donate your Boat or Donate a Plane

Tired of paying storage fees for your boat or plane? If you’re in the position like many others during this questionable times, consider donating your vessel or aircraft today! Forget the hassle of listing, maintaining, and showing your boat. You can receive a great tax benefit for your charitable donation! It’s simple! To donate your boat click here To donate your plane click here.

Don’t forget about donating other things too, such as furniture, appliances, food, clothing, computers, boats, real estate, and aircraft.

Make a Financial Donation Directly to Giving Center

You can also make a direct financial donation to our registered 501(c)3 nonprofit charity here:

Donate directly on our website:

https://www.givingcenter.org/financial-donations.html

How to Donate Your Home

A home represents many things. To some, a home is an investment and a source of rental income. To others, a home is a retirement asset, one whose equity can be tapped many years down the line. But to others, a home represents something much simpler, an opportunity to live the American dream and escape the dangers of inner city life.

For those aspirational homeowners, owning a property can be truly transformational. Millions of lives have been transformed and improved in just this manner, through organizations like Giving Center and their program: Real Estate with Causes.

How to Donate Your Home to Giving Center

For some, donating a home is the ultimate in charitable giving, a single act that can enhance the lives of whole families and create ripples for generations yet unborn. If you are thinking about making such a significant donation, it is important to do it the right way. With such a big gift, making the most of the donation is a vital consideration, and there are many things to think about.

There are a number of considerations when donating property to charity, from legal requirements to appraisals and tax implications. If you decide to donate your home or property to a registered charity such as Giving Center, you will want to hire a licensed appraiser to determine its fair market value. This is a critical step for tax reporting, and one that should not be skipped.

You will also want to ensure that the charity is reputable, and that the work they do is worthwhile. Not every charity is the same, and you want to do the greatest good possible with your donation. Giving Center is committed to doing just that. The simplest way to donate your home is by transferring the deed. Giving Center has experience accepting home donations should are familiar with this process, and are able to provide you with the paperwork you need to complete the transfer.

It is also important to weigh the pros and cons of a home donation. Depending on what you are trying to accomplish, donating a home may, or may not, be the best approach. Here are some of the pros and cons of a charitable home donation.

Pros:

  • You get to give a significant gift, one that could change the lives of others.
  • Depending on the value of the donation, you could receive a substantial tax deduction.
  • Giving Centere receives more of the proceeds since charitable institutions are not subject to capital gains taxes.
  • You can avoid the home sale process.
  • Donating is a simple way to downsize. Couples who purchased their homes decades ago, raised a family and are now retired may choose charitable donation instead of a traditional sale.
  • Donating your home during your lifetime could free your heirs from estate taxes when you die.
  • You will avoid capital gains taxes on the appreciated real estate. This can be an important consideration, especially for homeowners who have held their property for many decades.

Cons:

  • Donating a home may not be the best way to make a difference. Some charities are better able to handle cash donations.
  • You will lose out on the value of the property, and that could be a significant loss to your estate.
  • You will not be able to tap your home’s equity to supplement your retirement income or deal with an unexpected financial emergency.

Boat Donation Information!

People donate their boats to charitable organizations for a lot of reasons. Some want to get out from under the expenses of ownership and score a tax deduction at the same time. Others don’t have the time to sell it. Some have overinvested and know the market will never repay them, so instead of swallowing the bitter pill of a big loss, they choose the altruistic route. And then there are those for whom a donation offers the satisfaction of helping to support a cause they care about, like Giving Center.

Photo by Rene Asmussen on Pexels.com

“Everyone has a different viewpoint, yet for many, the process of donating can be emotional because it’s not always easy to let go of something that’s important to you,” says Brad Avery, the Director of Marine Programs for Orange Coast College School of Sailing and Seamanship in Newport, California, one of the nation’s largest nonprofit public boating education institutions—which has a fleet of power and sailboats comprised of donated vessels and those purchased from proceeds of other gifts. “Every donation is different in terms of what people are looking for, and their wishes often depend on the size of the gift and their objective.”

Boat donations are an excellent means of philanthropic giving, but the process isn’t as simple as some people think. It has to be done right with some planning, research, and the advice of a tax professional. By crossing the t’s, you can turn your old boat into a gift that helps Giving Center without giving yourself the headache of a financial disappointment. In order for you to qualify for a deduction, the charity that gets your donation must be an IRS-approved 501(c)(3) organization. That is where Giving Center can help! They are a registered IRS-approved 501(c)3 charity organization that is prepared to handle both small and large boat donations. 

Giving Center has an excellent reputation for working with donors and taking their intentions for their boats seriously. That professionalism has drawn some high-profile donors to their charity. We  have received many impressive vessels (models from 14 to 92 feet) over the years. Donate a yacht, donate a sailboat, or just donate a fishing boat. There is nothing too big or too small Giving Center’s donation program can’t handle.

For more information on how you can donate a boat with Giving Center please follow the link here. 

Donate a boat today

Donating an Airplane to Charity

A Tax Deduction is an Important Consideration for You When Donating an Airplane to a Charity

If you donate an aircraft to a charitable organization like Giving Center , its Fair Market Value (FMV) must be determined. An acceptable measure of the FMV of a aircraft is an amount not in excess of the price listed in a used aircraft pricing guide for a private party sale, not the dealer retail value, of a similar aircraft. However, the FMV may be less than that amount if the aircraft has engine issues, damage, high airframe hours or any type of excessive wear. The Fair Market Value of a donated aircraft is the same as the price listed in a used aircraft pricing guide for a private party sale only if the guide lists a sales price for an aircraft that is the same make or manufacturer, model and year, sold in the same geographic area, in the same condition, with the same or similar engines, options, systems or accessories, total hours and with the same or similar warranties as the donated aircraft. Your Internal Revenue Service (IRS) tax deduction for a donation to charity airplane generally is limited to the gross proceeds from its sale by the qualified charitable organization such as Giving Center. This rule applies if the claimed value of the donated aircraft is more than $500. In certain cases, you can deduct the aircraft’s FMV. The aircraft appraisal can therefore be used by the entity making the donation to charity and as a selling tool for the Giving Center.

What Is Aircraft Fair Market Value (FMV)?

To figure how much you may deduct for aircraft property that you contribute, you must first determine its Fair Market Value on the date of the contribution. Fair Market Value (FMV) is the price that aircraft property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts. If you put a restriction on the use of property you donate, the FMV must reflect that restriction. If a tax deduction is an important consideration for you when donating an airplane to a charity, you should check out the charity, check the value of your airplane and see what your responsibilities are as a donor.

Qualifying for a Internal Revenue Service (IRS) Tax Deduction – General Information

You can deduct contributions to charity only if you itemize deductions on your Schedule A of Form 1040. You must take into account certain limitations on charitable contribution deductions. For example, your deduction cannot exceed 50% of your adjusted gross income. Other limitations may apply. Publication 526, Charitable Contributions, provides detailed information on claiming deductions and the deduction limits. It also describes the types of organizations that are qualified to receive tax-deductible contributions like Giving Center’s status as a 501(c)3 nonprofit charity.

Determining the Amount You Can Deduct

The following rules on deductibility may apply to donations of qualified aircraft. The amount you may deduct for an aircraft contribution depends upon what the charity does with the vehicle as reported in the written acknowledgment you receive from the charity. Charities typically sell the aircraft that are donated to them. If the charity sells the aircraft, generally your deduction is limited to the gross proceeds from the sale. However, there are certain exceptions, described below.

Written Acknowledgment for Aircraft Contribution Internal Revenue Service (IRS) Deduction of More Than $500.

What the written acknowledgment must contain depends upon what Giving Center does with the aircraft. However, all acknowledgments must contain the following information: •your name and taxpayer identification number, •the aircraft identification number, •the date of the contribution, and one of the following: •a statement that no goods or services were provided by the charity in return for the donation, if that was the case, •a description and good faith estimate of the value of goods or services, if any, that the charity provided in return for the donation, or •a statement that goods or services provided by the charity consisted entirely of intangible religious benefits, if that was the case. Gross Proceeds Limit Applies — Generally, if the charity sells your aircraft, your deduction is limited to the gross proceeds the charity receives from its sale.

Make a Difference Today

One of the great financial dilemmas of your twenties ― and any time of life, for that matter ― is how to donate to charity when finances already feel tight. Between rent, car payments, medical expenses, groceries and more, it seems like there’s not much room for giving, even if good causes are top of mind.We asked financial experts for advice on how to start donating even though you’re operating on a shoestring. Their tips are an excellent starter kit to making 2020(and beyond!) a year of giving to causes you care about.

1. Decide which cause is important to YOU.

Nearly every financial expert or charity we spoke with listed passion as the No. 1 thing to gauge before you start budgeting for donations. Since giving money often involves a sacrifice on your end, it’s critical that you believe in the cause you’re donating to, according to Tyler Dolan, a financial planner with finance site Society of Grownups.“Contributing to a cause that resonates with your values is better than donating to everything that comes across your email or Facebook feed, because it will mean more to you,” he said. 
Giving Center is something you can be passionate about. Because they are a 501(c)3 IRS-Approved nonprofit charity organization located in the United States, they focus their passion on helping local people, families, and organizations. From helping needy individuals, to assisting Veterans, to working with local schools or rescues, Giving Center prides themselves in improving the lives of the less fortunate.FOR MORE INFORMATION ON THE 501(C)3 NONPROFIT, GIVING CENTER CLICK HERE

2. Set up a savings account called “donations.”

Priya Malani is the founder of Stash Wealth, a finance company that helps young people manage their money. She says she sets up labeled savings accounts for her clients who want to start giving, then works with them to decide how much they’ll stash in that account each month.“People say, ‘Should I or shouldn’t I donate?’ But if the money’s already there, you’re going to do it,” Malani said. The same applies to other goals. “Nickname your account ‘donations for Giving Center’ or ‘Charity Stash.’ If you label it as such, you’re much less likely to touch that money.”

3. Choose something to sacrifice.

In order for most twenty-somethings to donate to charity, “you’re going to have to make some sort of sacrifice in your budget,” Dolan said. A common choice is cutting back on “fun money” by skipping dinner with friends once a month and giving that cash to charity instead. Or maybe, you’ll decide that making space in your budget for donations is more important than saving quite so much for a car each month.Your sacrifice doesn’t have to be big, said Jennifer Bernstein, managing director of development at the Natural Resources Defense Council.“It really is true that every dollar counts,” she said. “Think about one thing you can forgo, like maybe skipping that daily cup of coffee once or twice a week. And then once you feel you’re ready, check out Giving Center’s website to make your charitable contribution.  

4. Then try automated, monthly donations …

Most of the charities and experts we spoke with said that while donations of any amount are helpful at any time of year, making automatic payments every month can have major benefits for both charities and you as a donor.Most people live paycheck to paycheck. If that’s you, then you need to acknowledge your donation is going to have to come out of your paycheck or it’s not going to be there at the end of the year. Monthly donations provide charities like Giving Center with a regular, consistent, and predictable source of support. It’s also more cost effective for nonprofits such as Giving Center as they can forgo renewal notices, save on our mailing costs, and put more of their own money into their mission.

5. … and get your employer to match them.

Many large companies have programs that will match the amount of money you give to charity, Dolan noted. Check with your HR department to see if such a plan exists in your office, and watch your $50 donation turn into $100 with the click of a button.

6. Understand why giving $10 is better than giving nothing.

Giving Center doesn’t just need your money; they need you to spread the word about their cause. You’re more likely to do so after you’ve made a donation.“We see value not just in the donation itself, but also the relationships that we build with our donors over time,” said Les Arredondo, a volunteer for Giving Center . “They often become our best advocates and help raise awareness about the importance of the work that we’re doing.”“When we talk to decision makers, the fact that there is such a large group of people behind us — supporting the causes we’re advocating for — makes a big difference,” she said.And of course, there’s the age-old adage that a little goes a long way.

You might also ask friends and family to make donations in your name instead of giving you birthday or holiday presents, Dolan said. He also suggested cleaning out your closet and selling the goods online, then donating the profits to charities like Giving Center.

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