(WFXR) — Now that you have checked Black Friday and Cyber Monday off your list, next up is Giving Tuesday, where anyone who gives to others may receive a tax credit in return.
Giving Tuesday — which kicks off at 8 a.m. on Tuesday, Dec. 1 — is a day devoted to charitable giving, and non-profits are hoping Americans will be generous this holiday season.
Facebook and PayPal are teaming up and plan to match up to $7 million in donations for charities on Tuesday.
In addition, by donating to charity on Giving Tuesday, the IRS could give you a tax credit.
The CARES Act that Congress passed earlier in the year to provide pandemic economic relief also includes a $300 tax deduction for eligible charitable contributions.
However, you do not have to “itemize” your deductions to claim it.
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