Money Map of the Week

On September 12, 2026, in Latest News, by The Somerville Times

Q: How did last year’s tax law change the deduction for charitable contributions—and how could it help me on my taxes?

A: Beginning in 2026, you may be able to deduct certain charitable contributions even if you take the standard deduction.

• Beginning in 2026, you don’t have to itemize to potentially receive a tax benefit.
Taxpayers who take the standard deduction can deduct up to $1,000 of qualifying charitable contributions, or up to $2,000 for married couples filing jointly. This deduction is available in addition to the standard deduction.

• The contribution generally must be made in cash to a qualified organization.
For purposes of this deduction, qualifying contributions generally include monetary donations such as cash, checks, and certain electronic payments made to eligible charitable organizations. Donations to individuals do not qualify.

• Keep records of the donations you make this year.
For cash or other monetary contributions, keep a bank record or written communication from the charity showing the organization’s name, date, and amount of the contribution. For any single contribution of $250 or more, you generally need a written acknowledgment from the charitable organization that also addresses whether you received anything of value in return.

Bottom Line: If you make charitable contributions in 2026, keep records of your qualifying cash donations so you don’t miss a deduction at tax time. If you itemize deductions instead, different rules apply to charitable contributions—which we’ll cover in a future Money Map Tip.

Any questions? I’m Vincent Hicks, a CPA based in the Cambridge–Somerville area. Reach out at vincent@hickscpasolutions.com or (859) 553-0788.

Disclaimer: This column provides general financial information and should not be considered legal, investment, or tax advice. Always consult a qualified professional for personal guidance.