Benefits of End-of-Year Giving

With 2022 coming to an end, it’s a very busy time for nonprofits and charities. Trying to help everyone they can, they rely on end-of-year giving and donations to serve their communities. Hearts 4 Minds is no different. It’s thanks to your donations that we’re able to save lives. We’re not the only ones who benefit from end-of-year giving, though. You also get in on the holiday cheer! Here are the benefits of end-of-year giving.

Tax Benefits

Along with helping charitable organizations, you also benefit from your donation. For those who itemize deductions, if you gift money to a qualified nonprofit, you can then claim a charitable deduction against their taxable income. Depending on if the gift is deductible, your taxes will be reduced based on the income tax bracket you fall into. Be sure to remember that donations or gifts can have limitations or restrictions on them, so we suggest consulting a tax advisor beforehand.

Matching Gifts

Multiply your impact by having your employer match your donation! Many businesses have an employee gift match program, where they match a certain percentage of monetary gifts to the nonprofit of your choice. Even if you don’t work at a business, some employers will match their employees’ spouses or partners. Check with your HR department to see what their position on donation matching is.

Help Charities

As a nonprofit, Hearts 4 Minds relies heavily on donations to complete our mission. By providing end-of-year gifts, we move one step closer to breaking the stigma of mental health. Every donation helps save a life. This goes for our fellow nonprofits as well. With end-of-year giving, your good deed can support a charitable cause for years to come. It doesn’t even have to be a large donation. Even small amounts can lead to a big difference!

Offset IRA Taxes

For people who are 70½ or over, you can offset your IRA taxes by providing money from your IRA to a qualified charitable organization by December 31. A qualified charitable distribution, which is a taxable distribution from an IRA, you can give up to $100,000 to the nonprofit. Before doing this, we suggest talking to a personal finance or tax professional, who will look over your individual situation and suggest the best plan of action.

End-of-year giving helps both yourself and the charity of your choice. If you can’t donate money, consider donating your time or sponsoring a mural for Hearts 4 Minds. No matter which option you choose, you contribute and provide much-needed support to those struggling with mental illness. It’s thanks to your contribution that lives are saved.