Single/MFS: $16,100

MFJ/QW: $32,200

HOH: $24,150

*Age 65+ receive an additional standard deduction:

MFJ/MFA: $1,650 per person

Single/HOH: $2,050

*Age 65+ also receive an ADDITIONAL senior tax credit of up to $6,000 per person depending on income level.

*Jan 2026 - Jun 2026:

72.5 cents per mile driven for business

20.5 cents per mile driven for medical purposes

14 cents per mile driven in service of charitable organizations

*Jul 2026 - Dec 2026:

76 cents per mile driven for business

23.5 cents per mile driven for medical purposes

14 cents per mile driven in service of charitable organizations

You are now required to begin taking minimum distributions at age 73 (if you turn 72 after 2022) - The penalty for missing an RMD is 25%

IRA contribution and deductions are phased out depending on income. If you meet any of the following conditions, please contact us before making IRA contributions.

• You file Married Filing Separately

• You file single or HOH and have income over $81,000

• You file Married Filing Joint and have joint income over $129,000

The deduction for medical expenses will have a 7.5% AGI floor for 2021 and beyond.

For 2026, the taxes paid deductions including state income tax withholding, general sales tax, real estate taxes and personal property taxes has a $40,400 cap.

Home mortgage interest deduction is now limited to $ 750,000 on acquisition debt for any property acquired after December 15, 2017. The limit for property acquired prior to December 15, 2017 will stay at $1,000,000.

Charitable contributions must now have written acknowledgements for any contribution of $250.00 or more.

Deductions for Casualty and Theft losses are no longer deductible unless the loss it attributable to a Federally Declared Disaster Area.

Miscellaneous Itemized Deduction falling under the 2% AGI limitation are no longer deductible. This includes deductions such as unreimbursed business expenses, auto mileage (for W2 employees), tax preparation fees, attorney and investment advisory fees, safe deposit box fees, union dues, etc.

Repayment of Benefits: Social Security recipients UNDER full retirement age may earn W-2 wages of up to $24,480 in 2026. Recipients who reach full retirement age during 2026 may earn wages of up to $65,160. After the year of full retirement age there are no earnings limit to trigger repayment.

Taxable Social Security Benefits: Income from Social Security is non-taxable unless other income exists. Provisional income of $25,000+ for single filers and $32,000+ for married filing jointly will cause a part social security to become taxable.

Announced increase in Social Security benefits will be 2.8% for 2026.

“Retirement age” is now based on the year you are born. If you are born from 1943-1954, your retirement age is 66 years old. If you are born in 1960 or after, your retirement age is 67 years old. For birth years 1955-1959, retirement age is 66 years old, plus 2, 4, 6, 8, and 10 months respectively.

IRA: maximum contribution until age 50 is $7,500. Those age 50 and over can make an additional catch-up contribution of $1,100.

Simple IRA: $17,000 (plus $ 4,000 catch-up contribution for age 50+ or $5,250 for age 60-63)

401(k) / 403(b) / 457: $ 24,500 (plus $8,000 catch-up contribution for age 50+ or $11,250 for age 60-63)

SEP Plans: $ 72,000 (subject to 25% of W2 Medicare wage limit)

HSA: Single: $ 4,400 - Family: $ 8,750. (Those age 55 and over can make an additional catch-up contributions of $1,000.)