Charitable Giving for Your Company

As a business owner, you assume a number of obligations to your staff, your creditors, and your customers. In many ways, you also have a responsibility to yourself, ensuring that your efforts are properly directed and aimed at increasing efficiency, success, and profitability. In addition to all of these concerns, you also probably recognize the importance of giving back to the community that affords you the opportunity to be successful. Never has this been more important than it is today, as people across the country struggle to cope with the challenges presented over the last year or so.

As a business law attorney and founder of my law firm, I am proud to support worthwhile causes that help those in need, both in the local community and on a much larger scale. My team and I are ready to assist you in developing a plan for charitable giving that provides resources to your chosen organizations without compromising your financial security.

Starbucks Donation Program Feeds Millions

In the United States, few companies have become as synonymous with their industry as Starbucks in the world of coffeehouse establishments. As the chain’s menu has grown over the years to include pastries, breakfast sandwiches and more, so has the related food waste at stores across the country. In 2016, Starbucks announced a plan to minimize wasted products while helping those in need by donating leftover prepared meals to food banks. The Seattle-based company said that it had been researching ways to safely donate fresh food so that it can help the less fortunate.

Through the initiative, called FoodShare, Starbucks has worked with Feeding America to have meals picked up from some 4,800 corporately operated locations and distributed them to needy families. Starbucks estimates that, in its first four years the first year, the program has distributed over 20 million meals to those who need them most.

Making Your Own Impact

Of course, you are probably not in a position to donate 5 million meals to hungry families in the next year, but you do have things to offer causes close to your heart. It is also important to remember that charitable giving can be about much more than money. If your company is relatively new, you may not have many expendable resources, but you can donate your time, service, or even your expert knowledge on particular topic. For example, if you own and operate a marketing firm, you are likely familiar with how to build a positive professional image. You may be able to share some of your insight through charitable organizations helping unemployed or underemployed individuals find the jobs they need to support their families.

We Offer Experienced Counsel

While charitable giving is, at its core, an act of selflessness, provisions in the tax code allow you to make appropriate deductions and offset some of your tax liability as the result of your donation and efforts. Many such laws can be very confusing, however, and it is important to seek guidance from a knowledgeable Naperville business law attorney at our firm. Contact the Gierach Law Firm by calling 630-756-1160 today to schedule a consultation. We will help you understand the law and the various charity-related tax deductions for which you may be eligible.

Sources:

Starbucks

American Express

Internal Revenue Service