1. Tax Deadlines April 15, 2026.
Filing extensions allows you to extend your filing deadline to October 15, 2026 but taxes must be paid by April 15, 2026.  S Corporations and Partnerships are due by March 16, 2026, extension due September15, 2026.

2. Child Tax Credits
Refundable Child tax credits will probably not be issued until mid February 2026. $2200 per Ages 1-16. $500 starting at age 17. 1700.00 Refundable

3. Tax brackets 12%,22%25%32%. Max Single 48475,103350,197300,250525. Max Married 96950,206700,394600,501050.

4. Standard deductions 15,750 Single, 31,500 Married and 21,900 HOH. 23,625.Additional for 65 or over 2000 per person. Special 6000 Deduction 65 or over Phase out 75000 Single 150000 Married

5. Personal exemptions have been eliminated. Medical deduction threshold is 7.5% for everyone. 40000 limit on state, local and property taxes. Car sales ded tax new in 2025 Tips and Qualified Overtime are deductable

6. 401K and IRA contribution limits are the same. No age cap for traditional IRA.
23,500/31,000 over age 50 IRA 7000/8000 over age 50.

7. The Earned Income Credit is rising.
The maximum allowable Earned Income Credit will go up modestly in 2025. For those with three or more qualifying children, the maximum credit will rise to $8046. Those with two children will get a maximum $7152, while one-child families can get up to $4328.

8. The exemption from AMT is higher and Social security tax is higher
The alternative minimum tax has struck a growing number of taxpayers, making the exemption amount more important than ever. Single taxpayers will see their AMT exemptions go up in 2025 to $88100, MS $68500 while joint filers will go to $137000. 176100 is the new max for Social Security 2025,

9. 20% deduction for businesses (Corporations, Partnerships and Sole Proprietorships.)

10. Effective Alimony inclusion and deductions are no longer allowed for Divorces 1/1/19 and after and that includes modifications to settlements 1/1/19 and after.

11. Moving expenses are only allowed for military personnel.

12. No phaseout for itemized deductions from 2018-2025.

13. All energy credits expire in 2026

14. Standard Mileage Rate .70 Business, .21 Medical, .14 Charitable.

15. RMD age has been updated to age 73 before taking deductions.

16. You must report any virtual currency transactions(Bitcoin,Coinbase Etc.)

17. Annual Gift Exclusion 19,000

18. 30% Deduction for Solar Energy (Wood and Pellet Stoves Included) Non Refundable Credit 2000 Cap

19. Clean Energy Credit. Expired Sept 30 2025 7500.00 new vehicles/4000Previously Owned(New this Year) Non Refundable Credit
20. Spread out payments (bonds, taxable withdrawals over taxable years) Bond can no longer be purchased.

21. Bonds can be rolled over to lessen the tax burden.

22. Minimal 300 educational deduction