
16. they Donate To Charitable Causes
Donating doesn’t only help those in need, but it also provides a big band-aid to your finances. Itemized donations on your tax returns can lead you to take a deduction on your taxes, meaning you can pay less (via Go Banking Rates). As long as you’re donating to a qualified charitable organization, the IRS will allow you a tax write-off; the more you donate, the more you can reduce your taxable income (via Go Banking Rates). That’s probably why you see the wealthy making so many donations to charities every year because it helps them financially as well.