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Charity, donor-advised funds, volunteering, gifts to family, and the gift tax. Give more to the causes and people you choose and less to taxes.
When a charity you don’t know asks for money after a disaster, spend five minutes checking its ratings and complaint record before you give. If it asks you to pay by gift card, wire, crypto, or a payment app, walk away. If it checks out, donate through its own website, not the link or caller that reached you.
If your mortgage interest, property taxes, and charitable gifts land just under the standard deduction, most of that spending doesn’t cut your tax. Bunch two years of gifts and other flexible deductions into one year and itemize, then take the standard deduction the next. Run the numbers both ways first. The bigger your gifts, the more bunching adds.
A donor-advised fund lets you donate stock you’ve held more than a year, skip the capital gains tax on its rise, and, if you itemize, deduct its full market value now. The money stays invested while you pick charities over time. If you give every year and own winners like that, open one before your next donation.
Starting January 1, 2027, giving to a qualified Scholarship Granting Organization earns you a dollar-for-dollar federal tax credit of up to $1,700, or $3,400 for a married couple filing jointly. That’s a credit, not a deduction. If you owe federal income tax and already give to charity, plan to route that giving to an SGO in 2027.
If you owe federal income tax and give to education causes, put the Education Freedom Tax Credit on your 2027 calendar. Starting January 1, 2027, a contribution to a qualified Scholarship Granting Organization comes back as a dollar-for-dollar federal credit of up to $1,700, or $3,400 for a married couple filing jointly. Register interest now, act then.
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