How the Standard Deduction vs Itemizing Works in 2026

Lucas and Luna break down the decision between taking the standard deduction and itemizing deductions on your 2026 tax return. With the standard deduction at $15,000 for single filers and $30,000 for married couples filing jointly after inflation adjustments, the threshold for itemizing has never been higher. The hosts walk through a concrete example: a married couple in Oregon with a $15,000 mortgage interest, $10,000 in state and local taxes capped by the SALT deduction, and $5,000 in charitable contributions. They compare the $30,000 standard deduction against $30,000 in itemized deductions — a tie that favors the standard deduction due to simplicity. But when charitable giving via a donor-advised fund bunches several years of donations into one year, the math shifts. Lucas explains the 'bunching strategy' used by savvy filers, and Luna offers tips on tracking deductible expenses mid-year. Specific numbers and a clear framework help listeners decide which path saves more. #StandardDeduction #ItemizingDeductions #TaxStrategy #MortgageInterest #SALT #CharitableDonations #DonorAdvisedFund #BunchingStrategy #2026Taxes #TaxPlanning #Finance #PersonalFinance #TaxTips #FexingoBusiness #BusinessPodcast #TheTaxStrategyPodcast #LucasAndLuna #TaxSavings Keep every episode free: buymeacoffee.com/fexingo