As you work with your favorite bookkeeper or tax professional this season, you’ll likely go over any charitable contributions your company made in 2012.  And you’ll probably kick yourself when you realize you could’ve done more and been rewarded with not only financial savings, but also the feeling of satisfaction in making a difference in your community.

In 2013 we encourage you to seek out a local 501(c)(3) organization that has synergy with both your core values and corporate objectives. Next, decide how best to involve your organization with the charity.  Perhaps you have excess or obsolete inventory that makes sense to donate (i.e. clothing, food, furniture). But, remember, the charity must use the property in the intended manner.  They must use it for caring for the ill, the financially needy or infants, and cannot sell the property.  Make sure to discuss this course of action in advance with your bookkeeper or accountant to make sure it falls within the parameters of the tax code.

If your organization is service (and not product) oriented, then perhaps you sponsor events for the 501(c)(3).  A tax-deductible sponsorship offers a platform to, not only do good things in the community, but to also gain acknowledgement of your generosity. After all, if you’re going to do good, you might as well capitalize on it – that just makes you a savvy business person.