Who's Affected? Individuals who itemize deductions. If you take the standard deduction, this change doesn't affect you. What's changing in 2026? A provision in the recently passed One Big Beautiful Bill Act (OBBBA) will reduce your charitable deduction by 0.5% of your AGI (not 0.5% of the gift). In 2025, there's no haircut on your charitable deduction. $10,000 Gift for an Itemizer Comparing the Deduction…
The CARES Act provides four temporary options for tax-deductible charitable giving in 2021. Here's a list of strategies you might want to consider in your year-end tax planning: If you take the standard deduction, normally you would not be allowed to claim a deduction for your charitable contributions, but in 2021, individuals can claim a deduction of up to $300…
The CARES Act made some significant changes to tax strategies for charitable contributions in 2020 that all taxpayers should be aware of. With everything that's happening, these CARES Act provisions provide a way to benefit worthy organizations in need of assistance while meeting your own giving and financial planning goals. Charitable donors sometimes have to juggle their priorities between providing…