10/19/2026
4 Tax Updates You Need to Know ๐ฐ๐
๐ New Scholarship Tax Credit (starts January 1, 2027)
Donate to an approved Kโ12 scholarship organization and get up to $1,700 back as a tax credit ($3,400 for married couples). It comes straight off your tax bill, dollar for dollar, which is much better than a regular donation deduction!
๐ถ Trump Accounts for Kids (opened October 1, 2026)
Every eligible child under 18 with a Social Security number now has an account, opened automatically. Family and employers can contribute, and it grows tax-deferred until age 18. Babies born 2025โ2028 also get a free $1,000 from the government.
๐งพ New 1099 Rules (payments made from January 1, 2026; forms due February 1, 2027)
You only send a 1099 to contractors paid $2,000 or more, up from $600. New boxes track cash tips and job codes for restaurants, salons, spas, hotels, delivery, and any business with tipped workers.
โ๏ธ New Per Diem Rates (from October 1, 2026)
Businesses can reimburse $329/day in high-cost cities and $230/day elsewhere for lodging and meals.
๐ Questions? Call CPA Legacy Group at (847) 979-9747 or visit cpalegacygroup.com
We speak English, Polish & Ukrainian ๐บ๐ธ๐ต๐ฑ๐บ๐ฆ
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