Tax season debrief—three common regrets, and how to prepare for next year

With the tax deadline behind us, it’s tempting to move on and not revisit these decisions until later in the year. But the weeks immediately following filing your tax return are actually one of the best times to take a step back and reflect—while the details are still fresh. This is especially important in 2026 because so many tax laws have changed.

The Quad Cities Community Foundation team is available all year long to answer your questions about tax-wise charitable giving. If you experienced any surprises this tax season, that’s especially worth discussing. Often, small adjustments made early in the year—rather than in December—can lead to better outcomes both financially and philanthropically. 

Here are common regrets and how the Community Foundation can help for the 2026 tax year and beyond.  

1. Giving cash instead of appreciated assets

Many donors regret using cash or credit cards to make large donations instead of gifting appreciated assets (such as stocks, mutual funds, or real estate) held for more than one year. 

  • The regret: Selling assets to donate the cash results in paying capital gains tax on the profit.

  • The better move: By donating the asset directly to your fund at the Community Foundation or to another qualified charity, you may be able to avoid capital gains tax on the appreciation and deduct the full fair market value if you itemize. 

2. Missing out on “bunching” to surpass the standard deduction

The standard deduction was increased under 2017 changes to the tax laws and has stayed high ever since. This can cause missed opportunities for charitable deductions.

  • The regret: Spreading donations evenly across the years and not exceeding the standard deduction threshold.

  • The better move: "Bunching" multiple years of donations into a single tax year by using a donor-advised fund at the Community Foundation to exceed the standard deduction and claim a tax deduction for that year. 

  • Pro tip: Planning around tax rules is especially important for 2026 and future tax years because not only is the standard deduction still high, but also charitable deductions are now subject to a 0.5% “floor” and a 35% cap. Be sure to talk with your tax advisors early in the year to structure a plan that will work best for you.

3. Lack of proper documentation 

Sadly, many donors fail to keep adequate records, leading to potential deductions being disallowed by the IRS. 

  • The mistake: Failing to get written acknowledgment from the charity for donations over $250 or not having a bank record for smaller cash gifts.

  • The problem: Without documentation, even genuine donations can be disallowed upon audit.

To avoid any future tax season remorse and make the most of your charitable giving, please reach out to the Community Foundation team, your first call on all matters of charitable giving. Contact Senior Philanthropic Advisor and Director of Gift Planning Rich Garrett at richgarrett@QCCommunityFoundation.org or (563) 326-2840.

Will Van Camp