Do you own a business, and if so, have you ever considered donating to a nonprofit? Donating is not only a “feel good,” but it can also provide you with a tax deduction and help your company in the long run.
Donating to a qualified nonprofit provides you with a tax deduction on your taxes. In order to claim this benefit, use this tool from the IRS when you choose a nonprofit to support to make sure the nonprofit qualifies. If you are in need of more tax deductions this year, give a donation by December 31st.
Helps Your Bottom Line
Donating to a nonprofit can help you financially because consumers are prone to spend more with businesses who support a cause. You can also get your customers involved by having a donation drive—the holidays are a great time for one of these events!
Increases Employee Morale
Employees like to work for companies who show support to their communities; it can help increase employee morale. You can get your employees involved by participating in workplace volunteer activities, creating a contest geared toward donating to a nonprofit, or allowing them to spend some of their workday giving back.
This year has been hard on everyone, especially nonprofits. If you own a business, and have the funds to donate to a nonprofit, consider donating on Giving Tuesday (December 1st) or at any point during the holiday season! In the end, you can feel good knowing you’re supporting your community and helping your business at the same time.
Ryder & Company is located in West Lawn, PA and offers a variety of accounting services, part-time CFO services, payroll preparation, and much more! We also offer tax preparation for individuals, as well as businesses and nonprofit entities. We assist many individuals and businesses in and around Wyomissing, Exeter, and Reading.