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Tax Updates

 

 

📘 2026 Tax Updates

 

        🧮 Federal Income Tax Brackets

                    📊 Federal tax brackets ranging from 10% to 37% are made                         permanent.

                    📈 Income thresholds are adjusted annually for inflation.

 

        🧾 Standard Deduction (TY 2025)

                    👤 Single filers: $15,750

                    👥 Married Filing Jointly: $31,500

                    🏠 Head of Household: $23,625

 

        🏛️ State & Local Tax (SALT) Deduction

                    💵 SALT deduction cap temporarily increased to $40,000 for                         married filing jointly.

                    ⏳ Subject to income phase‑outs and future legislative changes.

 

        💼 Retirement Contributions

                    🏦 401(k), 403(b), 457 plans: $24,500

                    🪙 Traditional & Roth IRAs: $7,500

                    Additional catch‑up contributions may apply based on age.

 

        🚗 Energy & Clean‑Tech Credits

                    🔌 Clean energy credits for electric vehicles and home                          improvements

                    ⛔ These credits expire at the end of 2025 unless extended

                         by Congress.

 

        👶 Child Tax Credit

                    👶 Credit remains up to $2,200 per qualifying child

                    💸 Refundable portion: up to $1,700 per child

 

        🏢 Business Tax Provisions

                    📉 100% bonus depreciation made permanent

                    📊 20% Qualified Business Income (QBI) deduction retained for                         pass‑through entities

 

        ₿ Digital Asset Reporting

                    🧾 Brokers must issue Form 1099‑DA

                    📡 Applies to cryptocurrency and other digital asset transactions

 

        🎁 Annual Gift Tax Exclusion

                    🎀 Annual gift tax exclusion remains at $19,000 per recipient

                    👨‍👩‍👧 Unlimited gifts allowed between U.S. citizen spouses

 

📅 2026 Tax Deadlines 

 

        💰 Estimated Tax Payments (2026 Income)

                    🧮 1st Quarter: April 15, 2026

                    🧮 2nd Quarter: June 15, 2026

                    🧮 3rd Quarter: September 15, 2026

                    🧮 4th Quarter: January 15, 2027

⚠️ Required for self‑employed taxpayers, investors, and others with insufficient withholding.

 

        🧾 Individual Tax Returns (Form 1040)

                    📌 Due: April 15, 2026

                    🌍 Living Abroad: June 15, 2026

                    ⏳ Extension (Form 4868): October 15, 2026

                    ❗ Extensions apply to filing only — taxes owed must be paid by                         April 15, 2026.

 

        🤝 Partnership & S‑Corporation Returns

            (Forms 1065 & 1120‑S)

                    📅 Due: March 16, 2026

                    ⏳ Extension: September 15, 2026

                    ⚠️ Late filing penalties apply per partner or shareholder.

 

        🏢 C‑Corporation Returns

            (Form 1120 – Calendar‑Year Corporations)

                    📅 Due: April 15, 2026

                    ⏳ Extension: October 15, 2026

 

        ❤️ Nonprofit Organization Returns

            (Forms 990, 990‑EZ, 990‑PF)

                    📅 Due: May 15, 2026

                    ⏳ Extension: November 16, 2026

                    🚨 Failure to file for three consecutive years may result in automatic                         revocation of tax‑exempt status.

 

        🛡️ Need Help Staying on Track?

                We assist with:

                    Tax preparation & filing

                    Estimated tax planning

                    Extension filings

                    IRS & state tax notice resolution