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Adding a Giving Category to Your Budget Could Increase Your Wealth.

Home Blog Adding a Giving Category to Your Budget Could Increase Your Wealth.

Adding a Giving Category to Your Budget Could Increase Your Wealth.

Whether you are giving, tithing, or donating, all of these actions stem from allocating funds towards someone or something other than yourself. While financial success is often measured by how much you gain, we at Bank of Louisiana are here to challenge that notion and suggest that success can also be evaluated by how you invest in others.

 

Famous billionaires such as Warren Buffett and Bill Gates create platforms for various organizations by shedding light on issues that may otherwise become overlooked. They contribute funding and resources to help find solutions for national and worldwide problems and encourage those around them to act in kind as well. While these gentlemen certainly garner more financial support than the average American, their continued actions inspire others and showcase the capabilities of using money as a tool for good. While choosing ways to contribute is a personal decision, we believe that selecting an organization based on your passions is always a great place to start.

 

Giving to organizations or individuals isn’t the only way you can donate. Offering things like your time and tools can create similarly large impacts as well. The great thing about including giving in your monthly budget is that it can be done on any income. If you’re in the midst of paying off debt, or saving for a home, using your time to donate could be the most suitable option. If you would like to donate financially, the IRS offers various tax benefits to encourage Americans to continue to contribute what they can.

 

Did you know you can deduct the following from your taxable income:

  • Donations to tax-exempt nonprofits, tax-exempt hospitals and medical research organizations, churches or other religious organizations, tax-exempt educational organizations.
  • Item donations of clothing or other goods with a written receipt from the Salvation Army or Goodwill.
  • Items purchased through approved silent auctions or other non-profit sales.

 

In many cases, if you structure your giving alongside your taxes, you can actually save money by using your available funds to donate, lowering your potential tax bracket.

 

We always recommend working with a certified public accountant when filing your federal and state taxes. Because tax laws may change, a tax representative will be your most reliable and accurate source of information as various rules and regulations are adjusted from year-to-year.

 

At Bank of Louisiana we feel donating and contributing to our community is one of the most important roles we play. Our local team is committed to the people we serve and are always excited by a worthwhile project to join. If your organization is looking to gain support for an area event, give us a call, we’d love to know how we can help!

 

Bank of Louisiana

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