As tax season continues, now is a smart time to wrap up key details for filing your 2025 return while also looking ahead to tax law changes coming in 2026. A little structure now can help simplify both.
Common 2026 Tax Season Questions
Before you file your 2025 tax return, make sure you’ve covered these common problem areas:
- Qualified tips and overtime: Gather documentation to support any deductions related to qualified tips or overtime pay, even if those amounts do not appear on your W-2 or 1099.
- Digital assets: If you own cryptocurrency or other digital assets, watch for the new Form 1099-DA and confirm that your transaction records including cost basis, sale dates, and wallets are complete.
- Form 1099-Ks: You may still receive a Form 1099-K in error due to ongoing reporting changes. If you receive one, include it with your tax documents rather than discarding it.
- IRA and HSA contributions: Contributions for the 2025 tax year can be made until April 15, 2026, or the date your return is filed, whichever comes first.
While these items help finalize your 2025 return, several tax law changes taking effect in 2026 make this an ideal time for planning ahead.
2026 Tax Planning Highlights
Several changes scheduled for 2026 may influence your tax strategy throughout the year:
- Charitable contributions: Above-the-line deductions return for up to $1,000 (single) or $2,000 (joint), for those taking the standard or itemized deductions. There’s also the introduction of a 0.5% floor deductible itemized contributions.
- Itemized deduction phaseout: If you’re in the top 37% tax bracket, your itemized deductions could be reduced.
- Gambling loss limits: Wagering loss deductions are now capped at 90% of losses. Under the previous law you could claim deductions up to the amount of your winnings.
- Mortgage insurance premiums: Mortgage insurance premiums qualify as an itemized deduction.
- Energy credit expirations: Many energy-related credits, including electric vehicle and residential efficiency incentives, expired at the end of 2025.
Contact your advisor to ensure you’re filing accurately today while positioning yourself for what’s coming next.
