Resources
Notes for preparing your 2026 return, plus highlights from recent tax law changes. PDFs available for download.
Download the questionnaire we use for dependents and credit documentation.
Our January 2026 client tax letter with updates and reminders.
Available for all U.S. children under 18. Up to $5,000 per year may be contributed by family, friends, and employers. For children born between January 1, 2025 and December 31, 2028, $1,000 from the U.S. government will fund the account automatically once created. More info: trumpaccounts.gov.
The lower $600 1099-K reporting threshold for third-party payment organizations has been repealed. For the 2025 tax year, you will only receive a 1099-K if gross payments exceed $20,000 and there are more than 200 transactions. This does not affect the reporting of income — if you received income from eBay or similar sites, you are still required to report it whether you receive a 1099-K or not.
Taxpayers 65 and older can claim a new $6,000 deduction (in addition to the regular additional standard deduction for seniors). This reduces taxable income significantly for many retirees, including those on fixed incomes or Social Security.
Qualified tips received in customary tipping occupations are fully deductible (up to certain limits) for 2025–2028.
The premium portion of overtime pay (e.g., the “half” in time-and-a-half) is deductible for 2025–2028.
Interest paid on loans for qualified personal vehicles (with U.S. final assembly) is deductible up to $10,000 annually for 2025–2028 (phases out at higher incomes).
To combat fraud and prevent stolen or lost checks, the IRS has begun transitioning fully to electronic payments. This allows fast delivery for refunds of less than 21 days in most cases.
This credit rises to $2,200 per dependent under 17. The credit is partially refundable up to $1,700. Income thresholds are $400,000 for married filing jointly and $200,000 for all other filers.
Available only for vehicles acquired on or before September 30, 2025. Up to $7,500 for buyers of eligible new electric vehicles. Final assembly must have occurred in North America. Sedans must have retail price below $55,000; SUVs, trucks, and vans under $80,000. Income ceilings: $150,000 single, $225,000 HOH, $300,000 married filing jointly.
Extended through 2034; currently allows a credit of 30% of the cost for qualifying new solar, wind, geothermal, or biomass and fuel cell installations.
For students seeking a degree in the first 4 years of college. Up to $2,500 per student in qualified education expenses. If tax has been reduced to zero, up to $1,000 of this credit can be refundable.
Not refundable, but allows up to $2,000 in qualified education expenses per return. Can be taken with the AOTC, but not for the same student.
Under the Consolidated Appropriations Act the deduction floor has moved permanently to 7.5% of AGI for those who itemize.
70¢ per mile for business · 21¢ for medical travel · 14¢ for charitable service.
SECURE Act 2.0 increased the age for required RMDs to age 73.
Taxpayers required to take annual RMDs may donate up to $108,000 to charity directly from their IRA instead of taking the RMD. The donated amount is not included in taxable income.
Annual gift tax exclusion: $19,000 for 2025; $20,000 for 2026. IRA annual contribution limit for 2025: $7,000 ($8,000 for those over 50).
If your student loan was forgiven, there will be no federal tax on loans forgiven through the end of 2025. Some states may differ and will tax the forgiven loan.
If you run a Schedule C business from home or work from a home office, you might be eligible for a deduction based on the percentage of your home used exclusively for business.
Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. You can contribute to an HSA up to the tax-filing deadline.
Up to $2,500 maximum regardless of the number of students in the family. Only the individual legally required to make interest payments under the loan terms may claim the deduction.
Remember that unemployment compensation is generally taxable.
For U.S. citizens or resident aliens living abroad, the exclusion for the 2025 tax year is set to increase to $130,000.
It is the taxpayer’s responsibility to notify the IRS when their address changes. Filing your next return updates IRS records, but in the meantime file Form 8822 so you don’t miss mailings.