Maximize Tax Benefits: Strategic Charitable Giving
Update: 2025-12-23
Description
Tax laws for charitable donations are changing, and the timing of your giving could significantly impact your deductions. If you itemize, consider donating in 2025 to maximize benefits. However, for those taking the standard deduction, waiting until 2026 is advised. Starting next year, itemizers face two challenges: a minimum donation threshold of 0.5% of adjusted gross income and a cap on deductions for high earners. Non-itemizers now have an above-the-line deduction for cash gifts, up to $1,000 for singles or $2,000 for joint filers. To optimize savings, itemizers can bunch years of giving or fund a donor-advised account now for an instant deduction. Donating household goods or property can also accelerate gifts. Plan your giving wisely to keep more for yourself.
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