Client Knowledge Center

  • Federal and State Tax Filing Deadlines

    Estimated Tax Payment Due Dates (Individuals and Businesses)

    • 1st Quarter: April 15, 2026
      IRS Estimated Tax info

    • 2nd Quarter: June 15, 2026

    • 3rd Quarter: September 15, 2026

    • 4th Quarter: January 15, 2026

    Quarterly payments apply if you have income not subject to tax withholding (e.g., self-employment, investments).
    IRS: Estimated taxes and payment methods

    See the IRS Tax Calendar for full federal compliance dates and deadlines:
    IRS Tax Calendar

  • New Tax Law Alerts & Key Changes:

    • SALT Deduction Cap Increased
      For tax years 2025–2029, the cap on state and local tax (SALT) deductions rises from $10,000 to $40,000 per household ($20,000 per spouse if filing separately).

      • *Cap increases to $40,400 in 2026, with a 1% increase for the subsequent years before returning to $10,000 in 2030.

      • The cap phases out for high earners (MAGI over $500,000).

      • SALT Deduction Changes

    • Gambling Loss Deduction Change
      Starting with the 2026 tax year, individuals may deduct only 90% of their gambling losses against winnings (previously 100%).

    • Standard Deduction Increases
      For 2026, the standard deduction rises to $32,200 for married couples filing jointly; $16,100 for single filers; $24,150 for heads of household.

    • Charitable Deduction for Non-itemizer
      Individuals who do not itemize can deduct up to $1,000 ($2,000 for married filing jointly) for qualified charitable contributions, effective with the 2026 tax year.

    • Tip and Overtime Income Deductions
      Temporary deductions introduced for tip and overtime income (specific limits and phaseouts apply), available tax years 2025–2028.

    • Bonus Depreciation & Section 179 Expensing

      • Permanent 100% bonus depreciation for qualifying property after Jan 19, 2025.

      • Section 179 expensing increased (limit now $2.5 million).

    • Other Highlights

      • New tax-advantaged savings account for children (“Trump Accounts”) effective 2026.

      • Car loan interest deduction for new US-assembled vehicles available short-term (2025-2028).

      • Other Highlights

    Please reach out for personalized guidance on how these changes may affect your 2025–2026 returns, planning, and estimated payments.

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