Updated: August 7, 2013 at 1:46 pm PST
An unseen benefit with giving to charity is that you can claim the full amount that you give as an itemized deduction. Make sure that the organizations are IRS-qualified and you’re good to go.
Here are five reasons to donate to charity based on the research of the Harvard Business School as well as other experts and websites.
Donations are tax deductible
When you donate to a charitable organization or a non-profit group, the amount you donate is tax deductible. But not only is the money you give tax deductible, so are the amounts you spend on travel, parking costs and even convention and event fees that are related to the non-profit group, as long as you are not being reimbursed by the charity for these expenses.
Giving to charity may improve your sense of well-being
The act of helping others can create an improved sense of well-being. Knowing that you sacrificed something such as time, finances or property in order to help others in need can give you a sense of purpose in life or work and inner satisfaction.
Supporting a cause can help keep you informed about issues of social injustice
When considering donating to a charity, many people tend to research the issues connected to that organization. As a result, you become more educated about social injustices around the world. You may discover new points of view and opinions on topics about which you were previously uniformed. This knowledge may position you to help increase the awareness of social problems among those in your sphere of influence from a balanced and educated standpoint.
Giving to charity out of spiritual conviction can strengthen your spiritual life
Selfless giving is a key component to many spiritual and religious belief systems. Recognizing that you have taken action in line with your spiritual beliefs by offering your resources to others in need can bring a sense of inner peace and contentment.
Volunteering with a charity may result in physical and social benefits
After donating financially to a charity or non-profit organization, you may feel an inner pull to become more involved with the cause by donating your time and skill as well. By volunteering, you have the opportunity to build your social circles while reaping the physical, mental and spiritual benefits from the labor you contribute to your favorite cause.