ClearGuide Wealth - Andrew Erickson

The Treasury Department in January said more than a million people have signed up for Trump accounts. Are you eligible?

The One Big Beautiful Bill (OBBB) Act, signed in 2025, introduces several new provisions that may shape charitable giving in the years ahead:
▪️Beginning in 2026, non-itemizers may deduct up to $1,000 ($2,000 for couples) for cash donations to qualified charities.

Some limits apply, so it may be a good time to discuss the changes with your tax, legal, or accounting professional.

Policy Giving Impact

Giving doesn't just come from institutions. In 2023, individuals accounted for 67% of all charitable contributions—over $374 billion. Small acts of generosity may add up to something much larger.

Impact Back

When the One Big Beautiful Bill (OBBB) Act was passed on July 4, the legislation left several unanswered questions that the IRS is now addressing. The IRS goes through this process every year. This time around, the OBBB has added to the uncertainty. Here’s what the 2026 Federal income tax brackets will look like.

The BBB Act increases estate and gift tax exemptions to $15 million for single filers and $30 million for those filing jointly. Plus, charitable contributions up to $1,000 for single filers and $2,000 for those filing jointly can now be deducted without itemizing.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025