09/01/2026
Tax Tip Tuesday! 📢 TAX SEASON 2027: WHAT’S CHANGING? 💰📋
If you’re already thinking about your 2026 taxes, there are some important changes you’ll want to know about before filing season arrives!
Here are a few of the BIG changes currently affecting federal taxes for 2026:
💵 STANDARD DEDUCTION INCREASES
For 2026:
• Married Filing Jointly: $32,200
• Single/Married Filing Separately: $16,100
• Head of Household: $24,150
👵 NEW SENIOR DEDUCTION
Taxpayers age 65+ may qualify for an additional deduction of up to $6,000, subject to income limitations.
🍽️ “NO TAX” ON QUALIFIED TIPS
Eligible workers may be able to deduct up to $25,000 in qualified tips, subject to income limits and specific requirements.
⏰ “NO TAX” ON QUALIFIED OVERTIME
Eligible taxpayers may be able to deduct qualified overtime compensation—up to $12,500, or $25,000 for married couples filing jointly.
🚗 CAR LOAN INTEREST DEDUCTION
Some taxpayers may be able to deduct up to $10,000 of qualified passenger vehicle loan interest, subject to eligibility and income limitations.
💰 TAX BRACKETS ARE ALSO ADJUSTED
The federal income tax brackets have been updated for 2026, meaning the amount of income taxed at each rate has changed.
⚠️ IMPORTANT:
“No tax on tips” and “no tax on overtime” does NOT mean those types of income disappear from your tax return. They are specific deductions with eligibility requirements, income limitations and documentation rules.