Comprehensive Financial Strategies

Starting in Jan 2026, if you itemize tax deductions, your charitable contributions under the new One Big Beautiful Bill will impose a 0.5% AGI floor (1 Section 70425) E.g. If you make $200k and itemize, your first $1000 of charitable giving is no longer tax deductible. And in a twist, those who do not itemize can now deduct up to $1k of charitable giving if single, or up to $2k if married filing joint. Questions? We can help. If you itemize, lets connect to discuss if you may benefit from establishing a Donor Advised Fund in 2025, before the 0.5% AGI floor kicks in!
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Text - H.R.1 - 119th Congress (2025-2026): One Big Beautiful Bill Act Text for H.R.1 - 119th Congress (2025-2026): One Big Beautiful Bill Act

The President just signed the One Big Beautiful Bill – and it’s going to change the way American’s work, save, drive, and power their homes starting in 2025. Here’s what you need to know:
- Tax Cuts of Jobs Act of 2017 was made permanent (no longer expires Dec 31 2025)
- Bigger Standard Deduction in 2025, MFJ is now $31,500 (1), plus up to another $6k for each spouse that is 65 or older (2 Section 70103)
- Child Tax Credit bumped to $2,200 (1)
- State and Local Taxes (SALT) cap was raised to $40k until 2029 (2 Section 70120)
- American assembled car interest can be tax deductible if purchased new and financed after Jan 1 2025 (2 Section 70203)
- Residential solar and home energy improvement tax credits end soon, so you only have a few months before those credits disappear (2 Section 70506 and 70508)
1 https://waysandmeans.house.gov/2025/07/03/passed-the-one-big-beautiful-bill-the-larger-tax-cut-in-american-history/
2 https://www.congress.gov/bill/119th-congress/house-bill/1/text

Text - H.R.1 - 119th Congress (2025-2026): One Big Beautiful Bill Act Text for H.R.1 - 119th Congress (2025-2026): One Big Beautiful Bill Act