OB3 Tax Changes: Charitable Deductions & QBI Deduction Explained
BE Informed
In this episode of BE Informed, I dive into the significant tax changes stemming from the One Big Beautiful Bill, focusing on charitable deductions and the Qualified Business Income (QBI) deduction. Join me as I explain how, starting in 2026, taxpayers who take the standard deduction will be able to deduct up to $1,000 for singles and $2,000 for joint filers in charitable contributions, a move aimed at enhancing charitable giving. I also cover the permanence of the 60% charitable contribution ceiling and the new $1,700 tax credit for educational scholarships. Additionally, I discuss the extended QBI deduction, its implications for pass-through entities, and the increased phase-out thresholds for specified service trades. Tune in for crucial insights that will help you navigate these changes effectively.
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