Tip of the month

At The Joel Group, we are committed to providing our clients with timely, valuable information and interesting tidbits that may spark an investment idea or question. We invite you to explore the page below for an archive of previous tips-of-the-month and contact us to discuss how we can be of service to you. 

September Tip of the Month

Changes to charity donations are coming next year.

If you take the standard deduction (single-$15,750/joint-$31,500) on your income taxes in 2025, you cannot take a charity deduction. In 2026, however, there will be a deduction available of up to $1,000 for single filers, and $2,000 for joint filers. Donations must be cash contributions to receive a deduction. You should consider waiting until 2026 to make your charity donations if you want a tax deduction.

For taxpayers who itemize in 2026, the first 0.5% of your modified adjusted gross income is NOT deductible for charities. Deductions are also capped at the 35% tax bracket, not 37%.

Source: https://docs.rbcwealthmanagement.com/us/68789-big-beautiful-bill.pdf

There is no change in donations to charities out of IRAs for those 70 ½ years old.

Rules are complicated. See your tax advisor for more details. RBC does not provide tax advice.

August Financial Tip of the Month

Here is a brief summary of some of the tax changes just passed by Congress

1. Tax brackets stay the same, adjusted for inflation. Top bracket remains 37%.

2. Standard deductions stay the same, adjusted for inflation($15,750 single/$31,500 married).

3. Cap on state tax deductions increases to $40,000. There are income restrictions.

4. Estate tax threshold increases to $15 million.

5. Tips and overtime receive a tax deduction. Income limits apply.

6. There is a $6,000 tax deduction for seniors. Income limits apply ($75,000 single/$150,000 married).

Source: https://docs.rbcwealthmanagement.com/us/68789-big-beautiful-bill.pdf

For more information, go to my website at:

https://us.rbcwealthmanagement.com/thejoelgroup

July Financial Tip of the Month

The key to healthier aging is being physically active, socially active, and being better educated, according to author Dr. Eric Topol.

His five strategies are:

  1. Strength training
  2. Schedule your sleep
  3. Manage stress
  4. Have an active social life
  5. Maintain a healthy diet

Source :Super agers: An evidence-Based Approach to Longevity. By Dr. Eric Topol

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