The “One Big Beautiful Bill” brings changes to tax policy, extending Trump’s 2017 tax cuts while impacting deductions and donations. New deductions aim to encourage charitable giving among everyday people, but high earners face limits that could disincentivize giving. Business and real estate deductions vary, with donations no longer deductible for the first 0.5% of income. The law introduces new below-the-line deductions, making itemizing less common. Proactive planning is crucial, with tools like donor-advised funds and qualified charitable distributions becoming essential for high-income earners. Coordination between tax and financial planning is now critical.

Read more at Yahoo Finance: Here’s What Trump’s New Tax Law Means for Your Deductions and Donations