1/11/2021
How Charitable Giving Impacts Your Legacy | Martin Urban DDS | Lifestyle
a How Charitable Giving Impacts Your Legacy by Martin Urban, DDS | Jan 11, 2021 | DDS, Martin Urban, Martin Urban DDS
Numerous individuals and companies tend to commit to charitable giving at the end of the year. Charitable giving peaks in December because of the generosity of the holiday season. Additionally, several companies seek to enjoy the tax bene ts of donating before the end of the year. When we talk about charitable giving, many people think of tax bene ts. However, tax bene ts are not the driving force of philanthropy. The math never makes sense because the tax relief does not o set the cost of contributing. This shows that tax bene t is a little incentive but not the primary motivation behind giving. Philanthropy narrows down to personal values. People view churches as the primary bene ciaries of charitable giving. But in a real sense, the churches channel the donations to their schools, universities, colleges, and pet organizations that they support.
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1/11/2021
How Charitable Giving Impacts Your Legacy | Martin Urban DDS | Lifestyle
The covid-19 pandemic has changed the way people donate. In the recent past, corporates could contribute more than 60% of their net income to a nonpro t organization to reduce the tax rate of the remaining 40%. The government has created temporary provisions to enable corporates to donate to coronavirus aid more comfortably. A temporary CAREs legislation allows taxpayers to claim 100% deductions to encourage giving during the current crisis. These provisions inspire companies to donate amid the pandemic when millions of Americans need urgent assistance. The culture of giving is not only fueled by tax advantage. People donate to enhance their self-esteem and ful ll human needs that can’t be met with money. Also, the size of the donation doesn’t necessarily re ect the net worth of the giver. Donating to noble causes is a personal choice that is pushed by personal motivations. There are multiple reasons why people give. Some of the reasons why people donate are tax and income considerations. Other people give because of religious reasons, characterized by donations to a synagogue or a church. And above all, most people give as an act of kindness. People tend to be happier when they touch the lives of other people. Every giving situation is unique. There is no known estimation of money that a company can save by making a charitable gift. However, there are a couple of bene ts associated with donating to a nonpro t organization.
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