Beginning in 2026, taxpayers who take the standard deduction have a new opportunity to receive a tax benefit for charitable giving. H.R.1, also known as the One Big Beautiful Bill Act (OBBBA), permanently reinstated a charitable contribution deduction for taxpayers who do not itemize their deductions. Beginning in 2026, single filers may deduct up to
Posted ByMany successful individuals want to support charitable causes without sacrificing financial security. A Charitable Remainder Trust (CRT) can help bridge this gap as it provides lifetime income to a non-charitable beneficiary, an immediate tax deduction to the donor, and reduces estate taxes by gifting the remainder benefit to charity. Below, we answer common questions about
Posted ByWith increasing concerns about identity theft, many people consider signing up for paid identity theft protection services. But are they actually necessary? What These Services Do Identity protection services typically offer monitoring and alerts. They notify you if there are changes to your credit report, such as new accounts or credit inquiries. While this can
Posted ByH.R.1, the tax bill that passed in 2025, created a new federally authorized, tax-advantaged investment savings account for eligible minors called Trump Accounts. These new account types are eligible to be opened and may begin receiving contributions on July 4, 2026. Children who are U.S. citizens, have a valid Social Security number and born between
Posted ByCharitable gifting can occur throughout the year; however, many individuals and families focus on their charitable giving in the fourth quarter as it coincides with annual tax planning. Charitable donations are tax deductible for individuals who itemize their deductions when they file their tax return. The annual deduction limit for gifts to public charities is
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