IRS & Tax Updates for 2026: What Taxpayers and Small Businesses Need to Know1. Standard Deduction Increases for Tax Year 2026 The IRS announced significant inflation adjustments for 2026: Single / Married Filing Separately: $16,100 Married Filing Jointly: $32,200 Head of Household: $24,150 These increases reduce taxable income for millions of taxpayers and should be…
Gather, organize, and update tax records. Organizing tax records makes it easier to prepare a complete and accurate tax return. It helps avoid errors that can slow down refunds and may also help find overlooked deductions or tax credits. Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and…
The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025. The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax…