The holiday season is here! For many this wonderful time of the year fills them with the holiday spirit as they joyfully give back to the those in their community that need it most!
We love that! Putting community first has always been important to us at Wallkill Valley Federal Savings & Loan! So give….because together we can make a difference!
Why We Give
Bank president Mike Horodyski spoke about it in his Holiday message. Take a peak at what he said below:
“This philosophy of Community First has created a culture that extends beyond building relationships to one of giving. Giving to those who may be going through a rough time can make a difference in the lives of the people who live and work in our backyard. For this reason, we give not just during the holiday season but the whole year through. Some of the organizations we have donated to over the course of 2016 year include: The Wallkill Central School District, Xavier High School, Regis High School, Modena Fire Department, the Lion’s Club of Wallkill, The Arc of Orange County, The Community Foundation of Orange and Sullivan, The American Cancer Society, Wallkill Senior High School, Wallkill Little League, Hudson Valley Boy Scouts of America, Mount Saint Mary College, Love Holds Life and Vision of Wallkill.”
Giving back isn’t always about making a monetary donation, it is also about giving time! This year our Maybrook branch is wrapping gifts for seniors in the community.
Need a reason to get involved and 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 veterans’ organizations, fraternal societies, nonprofit cemeteries and certain private foundations.
Non-monetary donations can be deductible as well. If you bring clothing to 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 spread some holiday cheer!