In light of Thanksgiving being around the corner, we have an amazing opportunity to reflect on the many things we have been blessed with in life. I’m certain we can each find at least one thing we are thankful for and for which we can celebrate during this holiday season. In the world, we take and we receive. I like to think this exchange between people is part of what makes our world go round. When it comes to giving, there are practical implications for how your giving can pay off.
Did you know giving has the capability of making you happy? Studies show that these good feelings or “helper’s high” can release endorphins making you experience those warm fuzzy feelings we all love – especially during the holiday season.
Also the benefits of giving are evident in longer life spans among those who volunteer and help others around them. Even more health advantages can include lower blood pressure, increased self-esteem, less depression, and lower stress levels. After considering only a few of these benefits, it sounds to me like giving is the way to go!
Oh, and did I mention how giving can also lead to tax benefits?
At our firm we are well aware that not everyone is as passionate about taxes and numbers as we are. So let us help you out! Did you know that oftentimes when you own a house and if you itemize your deductions, any giving you do throughout the year goes directly against your income? In sum this means your income tax is less. Imagine giving your money to your favorite cause rather than paying it in taxes. I know for many people this excites them and gives them the opportunity to experience many of the advantages of giving mentioned above.
If you are curious about what type of giving that pays off or if you are missing out on any tax benefits, please contact us to schedule an appointment with one of our accountants. We can help you best navigate your taxes, so you and your giving are at its best.