RESOURCES AND UPDATES
Key 2026 Tax Dates for Individuals
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Jan. 15: Final estimated tax payment due for the 2025 tax year (Form 1040-ES for Q4 income earned from Sept. 1 to Dec. 31, 2025).
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Late Jan.: The IRS begins accepting and processing 2025 federal income tax returns electronically (e-file).
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Feb. 2: Deadline for employers to furnish employees with Form W-2 for the 2025 tax year, and for businesses to furnish most Form 1099s to recipients (since Jan. 31 is a Saturday).
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April 15:
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Deadline to file your 2025 federal income tax return (Form 1040) and pay any tax due.
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Last day to contribute to an IRA or HSA for the 2025 tax year.
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First quarterly estimated tax payment due for the 2026 tax year.
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Deadline to file Form 4868 for an automatic six-month extension to file your return (Note: this is an extension to file, not an extension to pay owed taxes).
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June 15: Second quarterly estimated tax payment due for the 2026 tax year.
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Sept. 15: Third quarterly estimated tax payment due for the 2026 tax year.
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Oct. 15: Extended deadline to file your 2025 federal income tax return if you filed for an extension by April 15.
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Dec. 31: Last day for retirees age 73 or older to take their required minimum distributions (RMDs) for the 2026 tax year.
The IRS has adjusted tax brackets and standard deductions for inflation:
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For tax year 2026, the standard deduction increases to $32,200 for married couples filing jointly. For single taxpayers and married individuals filing separately, the standard deduction rises to $16,100 for tax year 2026, and for heads of households, the standard deduction will be $24,150.
Legislative Developments: The "One Big Beautiful Bill Act"
In May 2025, the House passed the "One Big Beautiful Bill Act," aiming to extend and modify several provisions of the 2017 Tax Cuts and Jobs Act (TCJA). Key proposals include: The Washington Post+10Wikipedia+10New York Post+10
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Tax Provisions:
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Making individual tax cuts from the TCJA permanent
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Increasing the Child Tax Credit to $2,500 through 2028
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Introducing deductions for tip income and overtime pay
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Raising the state and local tax (SALT) deduction cap to $40,000 for taxpayers earning under $500,000 WSJ+18Wikipedia+18Tax Foundation+18Wikipedia+1Wikipedia+1Reuters+1Wikipedia+1
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Spending and Policy Changes:
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Adding work requirements for Medicaid recipients
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Reducing funding for programs like SNAP
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Allocating additional funds for defense and border security New York Post+2Wikipedia+2The Washington Post+2
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The bill is currently under consideration in the Senate, where it may undergo significant revisions. Its final form and passage remain uncertain.
Key Tax Credits & Adjustments
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Earned Income Tax Credit (EITC): Maximum credit for taxpayers with three or more qualifying children is $8,046, up from $7,830 in 2024. IRS
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Child Tax Credit (CTC): The CTC remains at $2,000 per child for 2025. However, discussions are ongoing in Congress about potential expansions or modifications to the credit. Wikipedia+2Wikipedia+2Bipartisan Policy Center+2
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Alternative Minimum Tax (AMT) Exemption:
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Single filers: $88,100
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Married filing jointly: $137,000
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Phase-out thresholds: $626,350 (single) / $1,252,700 (joint
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Marginal Rates: For tax year 2026
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37% for individual single taxpayers with incomes greater than $640,600 ($768,700 for married couples filing jointly). The other rates are:
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35% for incomes over $256,225 ($512,450 for married couples filing jointly);
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32% for incomes over $201,775 ($403,550 for married couples filing jointly);
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24% for incomes over $105,700 ($211,400 for married couples filing jointly);
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22% for incomes over $50,400 ($100,800 for married couples filing jointly);
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12% for incomes over $12,400 ($24,800 for married couples filing jointly).
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The lowest rate is 10% for incomes of single individuals with incomes of $12,400 or less ($24,800 for married couples filing jointly)Alternative Minimum Tax Exemption Amounts. For tax year 2026, the exemption amount for unmarried individuals is $90,100 and begins to phase out at $500,000 ($140,200 for married couples filing jointly for whom the exemption begins to phase out at $1,000,000). Estate Tax Credits
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Estates of decedents who die during 2026 have a basic exclusion amount of $15,000,000, up from a total of $13,990,000 for estates of decedents who died in 2025. Adoption Credits
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The maximum credit allowed for adoptions for tax year 2026 is the amount of qualified adoption expenses up to $17,670, up from $17,280 for 2025. For tax year 2026, the amount of credit that may be refundable is $5,120 Employer-Provided Childcare Tax Credit
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For tax year 2026, the OBBB significantly enhances an important credit for employers; it increases the maximum amount of employer-provided childcare tax credit from $150,000 to $500,000 ($600,000 if the employer is an eligible small business).