The month of November seems to focus on Thanksgiving.
As we look forward to the holiday season and ahead toward the end of the year, our thoughts tend to turn more introspective. We look around at all we have and give thanks that we have been so blessed. This feeling of thankfulness often leads people to give back. We should know, we love giving back to our community!
Why We Give
When we say we put Community First, we mean really mean it. We want to be an active part of our community. One way we remain active is by helping charities in the communities surrounding our branches. We want to be a part of the organizations that are making our hometown a better place to live and work. Last month we started a blog series featuring charities from our branches. You can read more about the organizations we work with at the Maybrook branch here.
Besides, it just feels good! There is nothing like putting a smile on someone’s face when you donate your time or money to their favorite cause.
Should You Give?
If there is a specific cause that pulls on your heart strings, whether it’s finding a cure for cancer, helping veterans, or children in need, there’s a charity for it! Do some research, find a charity and look at the different ways you can lend your support. Don’t be afraid to think locally as well, as there are many wonderful charities right in our backyard where your donations help out people in our own community.
Your donations don’t have to be monetary. There are many different ways you can support a charity. Speak to someone involved and ask if you can volunteer your time to help. Sometimes you can help by donating something other than money, such as gently used clothing or food to a food pantry. You may be able to get involved in more ways than you think!
Other Reasons to Give
Your charitable donations do more than make you feel warm and fuzzy inside, charitable donations help during tax season! Did you know that donations to charities are tax deductible? There are however a few rules. In order for a donation to be tax deductible, they must be given to a qualified charity. Deductions cannot be made for donations made to political campaigns. You must file IRS Form 1040 and itemize your deductions on this form. There are limits on how much can be deducted as well. Deductions cannot exceed 50% of your Adjusted Gross Income. For example, if you make $50,000 per year, you cannot deduct more than $25,000 worth of donations. The limit drops to 30% for organizations such as veteran’s organizations, fraternal societies, nonprofit cemeteries and certain private foundations.
Non-monetary donations can be deductible as well. If you bring clothing to a Goodwill to donate, these can be deductible for the Fair Market Value of the item if it is in good condition. This also applies to programs such as Donation Vehicle Program and more. If the deduction is over $500, you must file IRS Form 8283.
So get out there and do good! Show your thankfulness in a tangible way this year.
In the spirit of the season, Wallkill Valley Federal Savings and Loan would like to say a heartfelt Thank You to our customers. We wouldn’t be who we are without you!