Giving Back – Great For Your Business
Giving back to the community can be beneficial to not just you, but your business as a whole, whether through a financial gift, volunteering, sponsoring a sports team, or launching a charity drive. Most businesses, according to a study by the American Express and The Chronicle of Philanthropy, donate an average of 6% of profits to charity. Here are a few reasons you and your business should consider giving back to the community.
Get People Talking About You Positively
Word of mouth gets around. When you give back to the community, people will start to talk about it after a while. This will put your business in a favorable light and generate positive feelings towards you as well. This can bring in new clientele looking for your services by getting your company’s name out there.
When you give back to the community, you gain some good faith from your customers. Doing so consistently will boost this effect even more. This can get the attention of people working in the areas you are giving to. This can spur people to want to thank you and your business, and thus give you more business.
Tax Deductible Donations
Contributions must be made to a bona fide 501(c) (3) organization (use the IRS's tool to see if an organization is registered) to receive a tax benefit, which can be done via cash, gifts of property or equipment, or travel expenses when helping an organization. Just make sure to get the details of charitable tax deductions in writing so they can be deducted properly.
It Feels Good
Helping others can make you feel good. It can give you a sense of purpose, and remind you of other issues to put things into perspective. In addition, you can meet new people, make new friends, and make your community a better place.
At Schumacher Sama, we have offered tax, payroll, audit & assurance, and accounting services since 1960. We are based in Wauwatosa and work with businesses and individuals throughout Milwaukee, Waukesha, and Southeastern Wisconsin. To speak to one of our experts about how to best deduct your charitable giving, contact us!