[ad_1]
New tax laws going into effect in the new year could impact charitable giving, which is why some people in the South Bay made it a point to make their donations Wednesday on New Year’s Eve.
President Donald Trump’s Big Beautiful Bill Act makes some significant changes that will impact people making charitable gifts in 2026 and beyond, especially when it comes to itemizing deductions.
The bill imposes a new floor on charitable contributions, so anyone can only deduct the amount “above” 0.5% of their adjusted gross income.
So for example, if someone has an adjusted income of $200,000, their first $1,000 in donations is not tax deductible.
[ad_2]
Marianne Favro
Source link