Several major changes to charitable giving rules took effect at the beginning in 2026. The approximately 10% of donors who itemize their tax deductions likely received a better tax benefit under the old rules, but those taking the standard deduction are favored under new 2026 rules with a new above-the-line deduction. Most notably, the new tax legislation establishes a new above-the-line charitable deduction of up to $1,000 for individuals and $2,000 for couples who take the standard deduction. This offers a long-sought opportunity to incentivize non-itemizers to make more charitable contributions. Prior to the tax change, only the 10% or so of filers who itemize rather than take the standard deduction were eligible to deduct charitable contributions on their income taxes. [more]

Back in 1997, the federal government added an important tool to its kit of Individual Retirement Accounts for people who wanted a government-backed, tax-advantaged method of saving for their old age.The so-called Roth IRA, named after the U.S. senator who carried the legislation, did not come with the income tax break offered by traditional IRAs. But its earnings generally are not taxable, nor are original Roth holders required to take annual distributions after a certain age. What’s more, holders of traditional IRAs can convert at least part of those funds to a Roth. The catch? Unlike with traditional IRAs, Roths do not provide tax savings, so anyone converting such funds to a Roth must pay federal income taxes on the amount converted. [more]

You may have gotten that dreaded letter in the mail saying your information has been stolen in a data breach. It's happened to me, and will probably happen again, as more and more identity thieves get access to our information. There were 2,850 data breaches involving more than one billion victims in 2024, according to a report by the Identity Theft Resource Center. And scammers stole over $1 trillion dollars globally in 2024, according to a report by the Global Anti-Scam Alliance. So, when you get that letter or email about a data breach, don't ignore it. Take it seriously—and take action. One of the first things you should do to protect yourself is freeze your credit. [more]

Fidelity Investments(R) today released its 2026 State of Retirement Planning Study, revealing Americans are increasingly redefining retirement, as nearly 7-in-10 are considering a non-traditional approach to the next chapter of their lives. Encouragingly, the general outlook on retirement prospects is also trending in a positive direction, with 72% expecting to retire on their own terms, up five percentage points from last year. The increase is driven in part by a renewed focus on planning, as nearly 3-in-4 say they have a plan in place to reach their retirement goals.  [more]