Giving resources such as time and money without expecting anything in return is charity. Charities have existed in various forms for hundreds of years. Today, there are charities for many causes, including health, culture, education, the environment, employment, etc. Charity is defined as selfless generosity or helping others: the practice of giving generously, especially to those in need. The opposite of charity is selfishness, and greed attributes cause people with too much to feel like they need more. This excess leads to hoarding, avoiding taxes, monocultures, and other issues that negatively affect the vulnerable members of communities and nations.
Katrina Sriranpong is an active philanthropist with a keen focus on assisting vulnerable and marginalized children. Thus, feel free to take her advice.
1. Decreasing of Tax
One of the most immediate benefits of sponsoring a charity for your company is the ability to claim a charitable donation tax deduction. Sponsorships of charities or events, donations of goods or services, and financial donations are all examples of tax-deductible contributions. Charitable gifts can be deducted from up to 50% of your adjusted gross income, but follow the guidelines carefully to prevent any tax issues. You may be eligible to deduct charitable contributions and some volunteering expenses from your income taxes. If you itemize your deductions, you can deduct the mileage driven to and from volunteer work and the cost of materials purchased for volunteer projects.
Katrina Sriranpong also has a great passion for promoting animal rights and protection which is why she donates to organizations such as Elephant Nature Park, Soi Dog Foundation, and Orangutan Project.
2. Introduce Generosity to Childrens
Sharing the experience of donating to charity with your children demonstrates that they can make a difference in the world even at a young age. Children naturally want to help others, so encouraging their natural generosity will likely result in them growing up with a greater appreciation for what they have and supporting the charity in the future. Making a family donation box that everyone may donate to and designating a family charity each year, involving the kids in the decision, is a simple way to start a great giving practice with your children.
3. Defend Your Neighborhood
Giving to community organizations can provide significant local safety nets that ensure vital support during crises and emergencies and national safety net programs like Food Stamps and disability payments. Community organizations respond to community needs faster and more properly than larger organizations, and they rely on private donations for the majority of their funding. As a result, local donation helps fund programs that improve community well-being.
4. Racial Equality is Improved through Charity
Discrimination based on race can be found all around the world. People are trapped in poverty cycles due to historical and institutional racism. Racial minorities are frequently among a country’s most vulnerable citizens. Charities contribute to racial equality by tackling the oppression of racial minorities. Lobbying for more progressive laws, providing necessary services, and providing pro bono legal counsel are all examples of actions.
5. Giving Makes People Feel Happier
It feels good to assist people. When you donate to a cause that means a lot to you, you’re not only helping them continue their important work, but you’re also helping yourself emotionally. Have you ever felt the need to help others? Many of us have. It’s just a part of human nature, isn’t it? When you donate to a cause that means a lot to you, you’re not only helping them continue their important work, but you’re also helping yourself emotionally. There’s the sense of altruism and knowing you’ve done something meaningful.