The holiday insanity is almost here. The weekend after Thanksgiving has turned into a number of spinoffs that fill up retail calendars – Black Friday, Small Business Saturday and Cyber Monday. At the commencement of all this hoopla is Giving Tuesday - day charities and non-profit organizations embrace and rely on for donations.
Nothing feels better than giving. And did you know, that making these charitable donations could be giving you a break on your taxes when you go to file next year? When the CARES Act went into effect this March, the law about charitable giving changed. In the past, you could take a 60% deduction on all cash donations you donate to a charity. When the CARES act went into place, you can now take 100% deduction on all cash donations.
However, this does not apply to all charity and non-profit organizations. Find out which charities are on the list here.
Learn more here.