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…
How All 50 States Tax Retirees
Alabama taxes A new law effective last year makes the first $6,000 or distributions from retirement plans (like IRAs and 401(k)s tax-exempt for retirees 65 and older in Alabama. Income Tax on Taxable Income: Low of 2% (on up to $500 for single filers and $1,000 for joint filers) and a high…
5 tax moves to make this August
This month is a good time to make some tax moves that could save you some (or more) dollars and/or keep you out of tax trouble. Here are five to consider. 1. File your 2022 return by Aug. 15.OK, this applies only to a few, relatively speaking, taxpayers. But Tax…
TAX PENALTY-AFTER EXTENSION
Interest Interest accrues on your unpaid balance and compounds daily from April 18 (which was the tax deadline for most people) until you pay the balance in full. Interest rates on underpayments of tax are set each quarter. For non-corporate taxpayers, the rate is equal to the federal short-term rate plus three…
