Turtle Island Restoration Network hosted a webinar last week called “Tax with Purpose: New Laws & Philanthropy for 2026”. In case you missed the session, here is a recap of the information shared during the webinar.
Disclaimer: Always speak to a financial advisor/professional before making significant changes to your tax and philanthropic strategy. This is just friendly advice from the TIRN team!
Tax season can be overwhelming: deductions, withholdings, and new laws – it’s too much! Well, recent changes to the tax code are reshaping the way many donors think about their giving — from deduction strategies to retirement-based philanthropy, our Development team here at Turtle Island Restoration Network is here to help you learn what you need to know.
Our goal here is to help the TIRN community (you!) give confidently, thoughtfully, and tax-efficiently. Here is a breakdown on what has changed, what it means for you, and how to make the most of today’s giving landscape.
Deductions for Seniors
Taxpayers age 65+ can claim an additional $6,000 deduction each year from 25-28 (under $75K/year single or $150K/year joint). If you fall into this category and will consider itemizing less as a result, you might want to explore other tax benefits for charitable giving.
Standard Tax Deduction Increase
The standard tax deduction (i.e. the amount deducted from your taxes if you do not itemize your deductions) has increased to:
- $32,200 for married couples filing jointly
- $16,100 for single taxpayers and married individuals filing separately
- $24,150 for heads of households
The State and Local Tax Deduction Cap Increase
The state and local tax (SALT) deduction cap increased to $40,400 for single and joint filers in 2026. This means more people in high tax states (NY, CA, NJ) may want to itemize their deductions again. Additionally, this cap increases by roughly 1% annually through 2029 for those with modified adjusted gross income (MAGI) of $500,000 or less.
Permanent Tax Break for Charitable Giving
Non-itemizers (i.e. people taking the standard deduction) will permanently get a tax break for charitable giving for up to $1,000 for individuals or $2,000 for couples. Tax payers can claim this tax break even if they take the standard deduction; meaning if you have hesitated to donate cash because of a lack of tax benefits, this new law can help change that.
If you’re wondering how to be as generous and strategic as possible in 2026, here is an overview of some powerful charitable planning tools that you can use to your advantage:
💹 Gifts of Stocks or Appreciated Assets
One of the most effective ways to give is through stocks or other appreciated assets. When you donate assets that have increased in value, such as stocks, bonds, or real estate, you can avoid paying capital gains taxes on the appreciation. This means that not only does your gift make a significant impact on our conservation efforts, but it also allows you to maximize your contribution while minimizing your tax burden. For example, if you purchased stock for $1,000 and it’s now worth $5,000, you can donate the stock directly to TIRN and receive a tax deduction for the full market value.
💸 Qualified Charitable Distributions (QCD)
If you’re 70½ or older, you can take advantage of a Qualified Charitable Distribution from your Individual Retirement Account (IRA). This allows you to transfer up to $108,000 per year directly to a qualified charity, such as Turtle Island Restoration Network, without having to recognize the distribution as taxable income. This can be especially beneficial for those who do not need the required minimum distribution for living expenses. By making a QCD, you can support our vital work while potentially lowering your taxable income.
🏠 Estate Gifts
An estate gift, or a gift made through your will or trust, is one of the most popular and flexible ways that you can make a lasting impact. Take advantage of tax laws that help preserve your estate assets. A properly prepared plan can result in your estate paying less tax and allowing you to leave more money for your beneficiaries. This also allows you to create long-term, planned gifts, secure your legacy, and allow your charity of choice to plan for their financial future.
💰 Donor Advised Funds (DAFs)
If you have established a Donor Advised Fund, you can recommend grants to TIRN from your fund at any time. This method provides you with the flexibility to decide when and how much to give, while also allowing for tax advantages at the time you contribute to your DAF. This means your charitable intent can be honored at a later date, allowing you to strategically plan your annual giving. You can also contribute non-cash assets into a donor advised fund, meaning your stocks and cryptocurrency can transform into cash grants for TIRN. Supporting our mission through a DAF grant helps ensure that our programs continue to thrive.
Whether you’re mapping out your giving for the year ahead or simply want to stay ahead of the curve, understanding what is new in the world of taxes and philanthropy is necessary.
If you have any questions about your philanthropy or how your giving can make a difference to Turtle Island Restoration Network, feel free to reach out to me at ericcio@seaturtles.org.
