(TNS) — While there’s still quite the chunk of time before tax season rolls around again, here’s something you should know.

The IRS is about to implement new changes that affects certain deductibles.

CNN reports how, starting in 2026, people will be able to deduct up to $1,000 in cash donations (for joint filers, $2,000) on charitable cash gifts.

“This applies only to directly cash gifts to qualifying 501(c)(3) charities — not donor-advised funds or private foundations,” explained director of tax content and government relations at the National Association of Tax Professionals, Tom O’Saben, to the publication.

Additionally, CNN notes that those who itemize their deductions will be able to deduct their cash contributions only to the extent that they exceed 0.5 percent of their adjusted gross income (AGI): If one’s adjust gross income, for example, is $100,000, one can deduct the total amount of the cash gift minus $500, which is 0.5 percent of that $100,000.

Non-cash contributions — like clothes, food, household goods, etcetera — are also subject to this new 0.5 percent floor.

InvestmentNews explains that these changes come courtesy of President Donald Trump’s Big Beautiful Bill Act, which changes and expands on certain parts of the 2017 Tax Cuts and Jobs Act.

Other changes, according to Fidelity Charitable, include new limits to deductions for itemizers in the top tax bracket. Corporations will also only be able to deduct charitable contributions to qualified institutions that exceed one percent of their taxable income.