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Non-Itemizers Charitable Deduction

The charitable deduction allowed up to a maximum of $1,000 for single taxpayers or $2,000 for married filing joint returns for cash contributions to qualified public charities.  Maintain receipts/records of all charitable donations to take advantage of this deduction.  Non-cash donations are not eligible for this deduction.

Health Savings Accounts

A health savings account (HSA) is a tax-exempt account you can use to pay or reimburse yourself for qualified medical expenses.  An HSA is available to a taxpayer who has a High Deductible Health Insurance Plan (HDHP).  

For 2026, this means:

  • It has an annual deductible of at least $1,700 for self-only coverage and $3,400 for family coverage
  • Its out-of-pocket maximum including annual deductible does not exceed $8,500 for self-only coverage and $17,000 for family coverage

In 2026, the HSA contribution limit for qualifying tax payer is $4,400 for a single plan or $8,750 for a family plan. At age 55, individuals can contribute an additional $1,000.  

 

Benefits of HSA’s include:

  • Contributions grow grow tax free, and the account stays with you, even if you change employers or leave the workforce
  • Contributions to an HSA are tax deductible, even if you choose to take the standard deduction instead of itemizing
  • Contributions can be made up until April 15th following the tax year end
  • Contribution not used roll over from year to year
  • Can be used to cover out of pocket medical expenses

Qualified Charitable Deduction

A Qualified Charitable Deduction (QCD) allows an individuals age 70½ and older to make tax-free donations directly from an IRA to a qualified charity, potentially satisfying all or part of their annual RMDs from their IRA accounts.  For 2026 tax year, you can donate up to $111,000 to a qualified charity.

 

A QCD does not offer a tax deduction, but the QCD amount is not included in your taxable income for the year of the distribution.  This provision is particularly beneficial to taxpayers who are charitably inclined but do not itemize their deductions.