The Joy of Charitable Giving
The Joy of Charitable Giving
It can be tempting as a small business owner to cling to every dollar. After all, sometimes we’re strapped for cash, and even when we aren’t, it’s natural to want to put every cent back into the business so we can keep growing it. The idea of giving away our funds might feel counterintuitive to our mission. It might even seem flat-out wrong from a business standpoint, despite knowing in our hearts that it’s good to give to others in need.
All of these feelings are completely natural and understandable. The purpose of this post, however, is to highlight why it’s beneficial for small business owners to donate their money and time to charities. Beyond the potential for tax write-offs, there are many reasons why charitable giving is something you should consider for yourself and your company.
Want to Feel Happier? Give to Others
It almost goes without saying that giving to others will make you happier. Most of us already know this because we’ve personally experienced it before. Think about a time in the past when you went out of your way to help someone else. Remember the surge of positivity you felt afterward? You can feel that way again (and again… and again) by weaving charitable giving and volunteerism into the fabric of your business and its culture.
In fact, recent studies have shown that when we give, areas of our brains that signify we’re experiencing pleasure, trust, and social connection are activated. Moreover, our bodies are thought to release endorphins, hormones that increase feelings of well-being, and the mood-boosting neurotransmitters serotonin and dopamine when we are kind to others. Combined, this typically leaves us feeling happier, more grateful, and more personally satisfied – in essence, elevating both our mental and emotional state.
What Goes Around, Comes Around
Then there’s the idea that by helping others, you’ll ultimately end up helping yourself and your business – a popular concept known as karma. Many belief systems, philosophies, and religions teach that selfless acts generate positive energy. Embracing this idea within your company culture will undoubtedly lead to more kindness, generosity, optimism, compassion, and goodwill toward others – and who doesn’t want more of all these positives in their personal and professional lives?
Tax Write-Offs are Always Nice Too
While the joy of charitable giving is rooted in altruism (when we help others even at a risk or cost to ourselves), there’s no denying the practical financial benefits, especially when it comes to taxes. The US government encourages philanthropy by offering tax benefits to individuals and companies when they donate to certain charities. For example, per the IRS, you may be able to deduct charitable contributions (of both money and property), thereby reducing the taxes your business owes, if they are made to qualified organizations and you follow certain requirements like itemizing your deductions. To find out all the particulars, visit the IRS’s website and/or check with your tax accountant.
A Final Word from Tuesday P. Brooks, Owner of AJOY
As you can see, there are multiple reasons why it’s a great idea to begin making charitable giving a larger part of both your personal and professional lives. While it can be difficult to think about parting with money, monetarily supporting causes near and dear to your heart can be beneficial in so many ways: emotionally, spiritually, and even, though it appears counterintuitive at first glance, financially. So, if this is an area you’ve overlooked or struggled with in the past, consider adjusting your mindset and committing to more charitable giving in the future – trust me, you won’t regret it!