03/02/2026
๐๐ต๐ฎ๐ฟ๐ถ๐๐ฎ๐ฏ๐น๐ฒ ๐ง๐ฎ๐
๐๐ฎ๐ ๐๐ต๐ฎ๐ป๐ด๐ฒ๐
As you plan out your 2026, we encourage you to take a look at your charitable giving and review the necessary tax laws. Thoughtful planning can make your generosity go even further.
Below are new tax law provisions introduced by tax law - courtesy of Fidelity Charitable.
๐ญ. ๐๐ฏ๐ผ๐๐ฒ-๐๐ต๐ฒ-๐น๐ถ๐ป๐ฒ ๐ฐ๐ต๐ฎ๐ฟ๐ถ๐๐ฎ๐ฏ๐น๐ฒ ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป๐ ๐ณ๐ผ๐ฟ ๐ป๐ผ๐ป-๐ถ๐๐ฒ๐บ๐ถ๐๐ฒ๐ฟ๐. Beginning in the 2026 tax year, a reinstated deduction allows non-itemizers to deduct cash donations to charity - up to $1,000 for single filers or $2,000 for married couples filing jointly. Meaning, if you typically take the standard deduction and file jointly, you can write off an additional $2,000. This $2,000 can be done in the form of sponsorships, cash donations or gift-in-kind.
๐ฎ. ๐ก๐ฒ๐ ๐ณ๐น๐ผ๐ผ๐ฟ ๐ผ๐ป ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป๐ ๐ณ๐ผ๐ฟ ๐ถ๐๐ฒ๐บ๐ถ๐๐ฒ๐ฟ๐. Effective for the 2026 tax year, itemizers who make charitable contributions will only be able to claim a tax deduction to the extent that their qualified contributions exceed 0.5% of their Adjusted Gross Income (AGI), meaning a formerly fully deductible charitable contribution must be reduced by 0.5% of an individual's contribution base for the tax year. For example, a couple with an AGI of $300,000 could only deduct charitable donations in excess of $1,500.
Questions on how donating to MMHF can maximize your tax refund for next year? Reach out to Jonathon Maple - 812.933.5141.