Starting in 2026 there is a new “above-the-line” deduction for donations to charity. This means you can take advantage of the large IRS Standard Deduction and still deduct some of your charitable contributions which have historically only been claimed by those that itemize.
So, if you haven’t been keeping your receipts for cash donations, start now so you are ready for the 2027 tax filing season! Single taxpayers can deduct up to $1,000/year, Married Filing Joint up to $2,000/year.
If you’re interested in reading more about charitable contributions, check out this NerdWallet article.