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When it comes to charity, there are so many wonderful causes that deserve our attention, that one might seem overwhelming. Still, there are some impressive charitable donations worth taking into account. Let’s see up next why people do humanitarian actions, along with the top three most significant contributions of all times. 

Why do people offer money to charity?

Well, giving to those in need is something programmed in our being. And besides the fact that giving to charity makes you feel good, there are several reasons why people offer donations. First of all, giving to those in need provides us with the sense that we are connected to our community. Besides, it creates a strong connection amongst us as individuals, being a great way to express gratitude. And the best part about offering money to charity is that it strengthens personal values. 

Which are the top three most significant charitable donations in history?

Warren Buffet – $37 billion

It is believed that Warren Buffet managed to donate to several charities, and it is estimated that upon his death, up to $37 billion will be given to several organizations. The American business magnate is rather selfless, making him one of the top philanthropists in the world. He does his best to help those in need, no matter to where on the globe they live. Also, he collaborates closely with the Bill and Melinda Gates Foundation, making a huge impact on the life of numerous people. 

Nicholas Woodman – $400 million

Nicholas Woodman is the founder of GoPro, and he is one of the most reputable business owners in Silicon Valley. Overall, he offered to charity around $400 million. He put the basis of the Silicon Valley Community Foundation back in 2014, and he continually tries to help both local and international communities with their problems. 

Bill Gates – $25 billion

Bill Gates is one of the most influential figures in the philanthropic world, as he managed to donate an outstanding $25 billion. Of course, he does his best to help the poorest countries on the globe, with a lot of focus on children in need. And Gates doesn’t stop here. He is planning to invest more in charitable organizations that do their best to vaccinate people in the poorest countries in the world. A significant part of his net worth is redirected to vaccine research, along with how it can better the lives of those in need.

Of course, besides those three important charitable donations that made history, there are plenty of other public figures that managed to make a change for the world we live in. Amongst the most important donors of all time, we can mention Mark Zuckerberg, Herbert and Marion Sandler, Charles F. Feeney, or Gordon Moore. 

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The U.S. comes with a sturdy law system, but at the same time, there is a long-lasting tradition of philanthropy one could not overlook. And recent market data shows that the United States is still in first place on a worldwide ranking for charitable donations. Many experts say that charitable actions come with plenty of benefits for the giver. So, if you are interested in what are the tax benefits of philanthropy, you are in the right place. This article offers a glimpse of the tax benefits of giving.

Deductions

Of course, the main benefits one can access through philanthropy are tax deductions. You will have to donate to an official, recognized, and a qualified organization (a business like Covington Credit comes to mind), so that you become eligible for such benefits. Also, you will have to itemize in order to prove that the total deductions are more significant than the standard deduction.

Almost all charitable organizations nowadays are eligible for deductions. But keep in mind that are some that won’t get you such benefit. So, it is always best to look at the particularities of an organization to determine whether or not your donation will become subject to deductions. As an example, giving to individuals, foreign governments, or international charities are not eligible for deductions in the U.S.

High limits

Indeed, there are some restrictions concerning the amount of money you can deduct, but usually, those are set up extremely high. And for most philanthropists, those limits are not applicable. The general rule says that if you donate more than 20% of your gross revenue to the charity, you most likely won’t have to worry about limits.

IRA benefits

The IRA Charitable Rollover permits seniors of 70 ½ years old to donate up to $100,000 to a qualified charitable organization straight from an IRA account. As a result, the giving won’t be a taxable income when withdrawn, offering tax benefits for seniors. The sole restriction one must consider is that the donor is not allowed to receive goods or services for the donation.

Non-cash donations

And the best part about the tax benefits of philanthropy is that you can even contribute to non-cash donations. An interesting thing about this type of donation is that if you offer a property as a donation, you will receive a deduction for the full fair-market value of the property. As a result, you receive a deduction for a sum that you never submitted as an income. of course, the condition of the non-cash donations plays a significant role in the tax benefits.

The bottom line is that charitable giving can function as tax relief for contributors. All you have to do is select wisely the organization you are donating to, and, of course, you will have to keep as proof the documents that verify you did such a philanthropic act.

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As you probably already know, the wealthiest and most influential public figures on the globe represent only 1% of the population. It seems like an unfair distribution of the world’s wealth, but at the same time, market data shows that philanthropic billionaires do exist. And if you are like us, you most likely look forward to discovering who are those benevolent billionaires that helped others. Let’s see how the charity is perceived by some of the most influential people on the globe.

Bill Gates

Of course, Bill Gates is known for its philanthropic endeavours, and it made a difference for a lot of impoverished children around the world. Some say he is one of the most generous rich man alive, as he offered to charity more than $25 billion up until now. Most of the donations were managed through his foundation, Bill and Melinda Gates Foundation.

Warren Buffett

Warren Buffett is a family friend of the Gates’ family, and we can say that he is a lot like Bill Gates. He was continuously involved in Bill and Melinda Gates Foundation’s activity, but at the same time, he managed to donate through time more than $20 billion to several causes. And he didn’t stop here. He put the basis of an interesting community named The Giving Pledge. This is meant to entice rich families to share and help others through philanthropy.

Charles F. Feeney

Charles F. Feeney is loved by many people in the world, as he constantly tries to redirect all his wealth to charitable giving. As for today, he donated around $8 billion to numerous charities around the world, and he doesn’t even want attention for it. He usually donates in secret, as he believes there is no need to congratulate someone for helping others.

Michael Bloomberg

Even though Michael Bloomberg is a public person and the former Mayor of New York City, he has a soft spot for charities. It is believed that Bloomberg offered around $3 billion to several charities and supported the World Health Organisation to his best.

Mark Zuckerberg

If you recall, back in 2015, Mark Zuckerberg released a press statement in which he proudly said he would donate up to 99% of his Facebook shared during his lifetime. As for today, he managed to donate around 2$, and we can still wait to see where the rest of his fortune will go. Some say that Zuckerberg can end up donating an astounding $40 billion.

Gordon Moore

In case you didn’t know already, Gordon Moore was the co-founder of the tech company Intel. As soon as he retired from his role at the company, he put the basis of the Gordon and Betty Moore Foundation. His organization managed to help and contribute to several charities in the world, with up to 3 billion dollars.

So, it is safe to assume that even though those people managed to achieve an impressive net worth, they shared a bit of their wealth with those less fortunate. And we hope they will continue with their charitable actions!

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