(NewsNation) — Significant financial changes are on the horizon in 2026 that could help keep money in Americans’ pockets.

The New Year will see some tax deductions kick in from the One Big Beautiful Bill. Even if you take the standard deduction, you can claim up to $1,000 for a single filer or $2,000 for joint filers for cash gifts to qualified charities. Not only could this be a nice contribution to charities, but it could help net back a couple of hundred dollars on annual tax returns, as it reduces overall tax liability.

In addition, the One Big Beautiful Bill will allow Americans to contribute an additional $1,000 to their 401K. That brings the total contribution limit up to $24,500, which may not seem like much, but the beauty of compounding interest is that over 10-30 years, tens of thousands of dollars could be added to your nest egg. Plus, it reduces your tax liability if you can max out contributions each year.

Americans looking to grow their families in 2026 will also be able to cash in with “Trump Accounts.” The idea is that people who have or will have a child between 2025 and 2028 will get $1,000 from the government to start an investment account for that child. Parents are allowed to contribute up to $5,000 of after-tax dollars annually. Meanwhile, employers can contribute an additional $2,500 to these accounts.

When maxed out like this, by the time the child reaches 18 years old, they’ll have more than $300,000 based on the average return of the stock market, and more than $1 million by 28 years old. There are a few cases where money can be withdrawn before retirement from this account without penalty, including buying a first home, pursuing secondary education and having or adopting a first child.