Philanthropy is a great way to convert your disposable income into good fortune for someone in need. In addition, you can turn this into an added benefit for yourself via tax write-off. There are countless different ways a donation can be put to good use, but a common cause is veterans. As a group whose sacrifices are often all-too-clear, donations are a great way for people to show their support. However, if you choose to go this route, it’s important to treat this like a business decision rather than an emotional one. There are several reasons why.
Your Choice of Causes
The biggest issues former military often replace revolve around finances. A military family can end up in trouble in many different ways. For example, an injury sustained during deployment may lead to ongoing medical bills, and not all former service people are guaranteed insurance. In addition, an injury, or condition, like PTSD or hearing loss, may limit potential earning power for the future.
Even a healthy returning veteran can encounter financial issues. The military provides many opportunities for people to build up valuable skills, some of which are a good match for jobs on the civilian side. However, the job market can change, and what’s valuable then may not be valuable now. As a result, a veteran may not be able to compete with people that have college educations or similar qualifications.
Many charities provide support to lift veterans out of these suggestions, and the major difference is the populations they serve. For example, if you live in Los Angeles, supporting a veterans association in Los Angeles is a great way to not only support veterans in need, but also uplift your local community. When it comes to causes, there isn’t a right or wrong answer on what to support. Simply think about the virtues you value, and try and find a cause that matches with those.
Make the Most Impact
As mentioned before, there’s no such thing as a right or wrong cause when it comes to donating. This isn’t the case when it comes to charities. You want to ensure that you are picking a legitimate charity, not only for the sake of your cause, but also for yourself. If you donate to a charity, only to find out that it is not legitimate, the IRS will not honor your tax write-off.
To avoid being caught in this situation, be sure to act with logic, not with emotion. Look for transparency for how exactly your donation will break down and benefit others. If at any point, it looks like an organization has something to hide, take a moment and ask why.