Exciting Tax Changes That Benefit Your Charitable Giving

On behalf of the volunteer Professional Advisors Committee of the Community Foundation of Greater Greensboro, I want to share some important news that could make your generosity go even further. On July 4, 2025, Congress passed the One Big Beautiful Bill (“OB3”), and starting in 2026, there are new opportunities for donors like you to maximize the impact of your giving.

Here’s what’s new:

• Extra Deduction for Standard Filers: If you take the standard deduction, you can now claim an additional charitable deduction—$1,000 for single filers and $2,000 for married couples. This is an “above-the-line” deduction, which means it lowers your Adjusted Gross Income (AGI) and can help with other tax benefits.
• More Itemizers, Bigger Benefits: The cap on State and Local Tax (SALT) deductions is increasing to $40,000 (from $10,000), making it easier for many taxpayers to itemize. If you use strategies like Donor-Advised Funds or “bunching” contributions, this could significantly enhance your tax savings.

A couple of new limits to note:

• Charitable deductions now have a small AGI floor (0.5%), and very high earners may see a cap on itemized deductions. For most donors, these changes won’t have a major impact.

What does this mean for you?
Whether you take the standard deduction or itemize, these updates create new planning opportunities to make your giving more tax-efficient. (As always, you should consult with your own tax advisor as it relates to your own personal giving and tax planning. This communication is meant to provide general information and not specific tax advice.)

If you’d like to discuss how the Community Foundation of Greater Greensboro can help you with your giving strategies, please reach out to Cathy Knowles at cknowles@cfgg.org.

Thank you for your generosity and commitment to making a difference in our community!