Top Reasons Why People Donate

    One in three people worldwide will be diagnosed with cancer during their lifetime. 15.5 million children live without one or both parents. It is estimated that 500,000 dogs are euthanized each year due to overpopulation. The World Health Organization reports that more than 1 billion people lack access to clean water.

These are just a few of the problems facing our world today, and they might feel too vast for any one person to do anything about. Yet, despite the magnitude of these issues, there are organizations solving them every day–and many of them rely on donations from everyday citizens to support their work around the world.   

  So why don’t more people donate? What keeps us from what we can to help solve some of the world’s most pressing problems?

First, it is important to understand just how much money is donated in total. According to Giving USA, $335 billion was given domestically in 2014 –and that number has been increasing since 2005.   

   Individuals were responsible for $261 billion of that–a staggering amount considering the average American household donates approximately $2,974 every year! This means that if more people donated, global initiatives would have more funds available to make life better for people everywhere.   

  “But I’m not rich!” you might protest. And while this may seem daunting at first glance due to its sheer size, there are plenty of ways you can get involved even on a modest income. Here are just a few of the benefits donating to a good cause can have for your bank account:

1. Deducting Your Donations from Your Taxes

  Did you know that if you itemize your taxes, donations made to qualified organizations are tax-deductible? In fact, as long as you make donations directly by check or electronically, they may even qualify as business expenses!  

  2. Charitable Deductions from an IRA

Traditional IRAs allow individuals over age 70 ½ to donate up to $100,000 directly from their IRA each year without paying income tax on those monies–and then they receive a charitable deduction for doing so!  

Many people quickly take advantage of this opportunity because once the money has been removed from the IRA, it is no longer subject to required minimum distributions.

Donating to good causes is a win-win for both your wallet and the world at large. For more information about how you can make an impact on important issues, check out #1Reason2Give, which encourages people across the world to give up their birthday for one year in order to raise funds for charities of their choice.   

  If you need help deciding where to donate, Charity Navigator allows you to search by area of interest–and even determine whether your donation will be used wisely by checking each organization’s rating!  

   So don’t wait any longer–start making a difference today! You might even end up feeling better about yourself.

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