Six Changes to Social Security in 2026
As of January 1, 2026, several changes to Social Security took effect, impacting everything from credits and taxes to benefit checks and full retirement age (FRA) rules. These changes don't only impact retirees — they impact current workers. Workers need to keep an eye on accumulating enough Social Security credits to get…
One Big Beautiful Bill Act (OBBA)
It contains a provision providing a tax deduction for employees’ overtime income in 2025 through 2028. Originally, the data regarding such overtime income was to be reported on a W-2 form. However, as employers are preparing their 2025 W-2 forms (to be issued in January 2026), the IRS has provided some relief.…
Business mileage tax deduction rate goes up in 2026
The Internal Revenue Service’s annual inflation adjustments are among the changes we’ll encounter in 2026. And today, the agency finally announced next year’s standard optional mileage rate amounts you can use next year to claim various deductible vehicular trips. The details are in IRS Notice 2026-10, but here’s the upshot. The standard optional…
State Income Tax Changes
Nine states have individual income tax rate reductions taking effect: Georgia, Indiana, Kentucky, Mississippi, Montana, Nebraska, North Carolina, Oklahoma, and Ohio are all scheduled to see individual income tax rate reductions. Ohio will transition to a flat-rate income tax system. Oklahoma's existing six tax brackets will be consolidated into three. New York is expanding…
Social Security will be taxed in 2026
Social Security benefits are still subject to federal income tax in 2026 based on your combined income, with up to 85% potentially taxable, but new senior tax deductions might reduce the tax burden for many retirees, and some states also tax benefits. While some proposed legislation aims to eliminate this tax,…
2026 Tax Solutions
"2026 tax solutions" encompass a range of changes enacted by recent legislation (the "One Big Beautiful Bill Act") and annual IRS inflation adjustments, which include permanently extending existing tax rates and a higher standard deduction, along with introducing new, temporary deductions and increased retirement contribution limits. Key changes and planning solutions…
Standard Deduction 2026 Amounts Are Here
The IRS released the 2026 standard deduction amounts you’ll use for your 2026 tax return — and they're higher than ever. The IRS adjusts these amounts for each filing status every year. Since these adjustments are based on inflation, the standard deduction is higher for 2026 compared with last year. The increased standard deduction amount…
Tax moves to make if you missed Tax Day
you missed Tax Day. It happens. Don't panic. But don't dawdle. The Internal Revenue Service is serious about wanting your tax forms and, of course, any taxes you owe. If you miss the annual deadline, regardless of exactly when it falls, then you'll likely end up facing filing-related penalties, the harshest…
Tax-filing Moves
If you've yet to file your 2021 return, here are five tax tasks to complete as the April 18 filing deadline nears. 1. Decide what you're going to do about your 2021 return. With Tax Day just two weeks away, the IRS still is waiting on millions of returns. Are you…
Why hiring a Tax Consultation Company is important?
Tax Consultation Correct financial guidance will undoubtedly assist you in properly planning your business capital. When it comes to taxes, having a thorough understanding of tax credits and deductibles can save you a lot of money. This may cause one to run out of time to file your taxes or…
