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Maximizing Your Philanthropic Impact: Planning Strategic Charitable Giving

As the holidays near, many Americans look for ways to help those in need, leading to a year-end rise in charitable donations. Not only can your donations help others but they also have the secondary benefit of lowering your taxable income. However, some tax-efficient charitable giving strategies are significantly more efficient than others. The following charitable giving approaches can help maximize both your philanthropic impact and your tax savings.

https://creativeplanning.com/insights/financial-planning/maximizing-philanthropic-impact-charitable-giving-strategies/

Maximizing Your Philanthropic Impact: Planning Strategic Charitable Giving Maximize your philanthropic impact and help reduce taxes with strategic charitable giving, donor-advised funds, trust and estate planning insights.

What to know about the 2026 tax season

“First, the standard deduction will see a small increase each year due to inflation. For families, the child tax credit will increase from $2,000 to $2,200 per child. For individuals itemizing their deductions, the cap on state and local taxes was $10,000. That’s now increased to $40,000. Senior citizens will see an additional $6,000 deduction, which they qualify for now under the One Big Beautiful Bill. In addition, tipped employees (bartenders, taxi drivers, waiters, etc.) can now deduct some, if not all, of their tips from their federal taxable income. For those with hourly wages, overtime is also deductible, as is the overtime premium. All these things combined will create a lower tax bill for many people this year than in the past.”

https://news.clemson.edu/headline-what-to-know-about-the-2026-tax-season/

What to know about the 2026 tax season With tax season in full swing, Ryan Polk breaks down the importance of tax preparation and how this differs from previous years.

2026 IRS Dirty Dozen Tax Scams: How to Spot Them and Protect Your Personal Information

Each tax season, scammers target unsuspecting taxpayers with evolving schemes designed to steal refunds and sensitive personal information. The Internal Revenue Service (IRS) publishes an annual Dirty Dozen list highlighting some of the most dangerous tax scams honest taxpayers should watch for. Working with an experienced tax professional and wealth manager can help you evaluate suspicious tax advice, avoid tax scams and better protect your personal information.

https://creativeplanning.com/insights/taxes/irs-dirty-dozen-tax-scams/

2026 IRS Dirty Dozen Tax Scams: How to Spot Them and Protect Your Personal Information Learn the 2026 IRS Dirty Dozen tax scams and how to spot impersonation, identity theft and fake charity schemes to help you protect your personal information.

Upcoming Tax Laws Changes

The standard deduction increased to $16,100 for single filers and $32,200 for married filing jointly for tax year 2026.
The annual contribution limit for Roth IRAs will be $7,500 in 2026.
Key deadlines for expiring clean energy tax credits are December 31, 2025 and June 30, 2026.

https://tax.thomsonreuters.com/blog/upcoming-tax-law-changes/

Upcoming tax law changes in 2026 The IRS 2026 inflation adjustments arrive on top of significant structural changes from the One Big Beautiful Bill Act, reshaping Americans' taxes.

How to Factor Tax Law Changes Into Your Year-End Financial Statements

The OBBB: How to Factor Tax Law Changes Into Your Year-End Financial Statements

In July 2025, significant changes to the federal income tax rules were signed into law. While the OBBB primarily grabs attention from a tax compliance angle, they may also have significant financial reporting implications — even though some changes don’t go into effect until 2026 or later.

Businesses must address the effects of the changes under the One Big Beautiful Bill Act (OBBBA) in their 2025 financial statements. For many companies, that will be a complex task. Here are the details.

https://www.hoodstrong.com/en/insights-resources/how-to-factor-tax-law-changes-into-your-year-end-financial-statements

Hood & Strong | Articles | How to Factor Tax Law Changes Into Your Year-End Financial Statements While OBBB rules primarily grab attention from a tax compliance angle, they may also have financial reporting implications.

Tax Cuts and Jobs Act: A comparison for businesses

The Tax Cuts and Jobs Act ("TCJA") changed deductions, depreciation, expensing, tax credits and other tax items that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.

Some provisions of the TCJA that affect individual taxpayers can also affect business taxes. Businesses and self-employed individuals should review tax reform changes for individuals and determine how these provisions work with their business situation.

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-a-comparison-for-businesses

Tax Cuts and Jobs Act: A comparison for businesses | Internal Revenue Service The Tax Cuts and Jobs Act changed deductions, depreciation, expensing, tax credits and other things that affect businesses. This side-by-side comparison can help businesses understand the changes and plan accordingly.

Getting Your Business Tax-Ready in 2026: Bookkeeping Habits That Support Taxes and Financing

As tax season approaches, it’s the ideal time for business owners to take a closer look at their books. Proactive financial cleanup before filing deadlines not only reduces stress—it also plays a critical role in how lenders view your business when you’re ready to seek capital.

https://fscfirst.com/blog/getting-your-business-tax-ready-in-2026-bookkeeping-habits-that-support-taxes-and-financing/

Getting Your Business Tax-Ready in 2026: Bookkeeping Habits That Support Taxes and Financing - FSC First FSC First is dedicated to empowering emerging and established businesses through innovative financing solutions, strategic coaching, and practical tools for long-term growth. Through our Level Up program, business owners gain access to expert-led education designed to strengthen financial foundation...