Tax Changes & Deadlines
New tax laws, bracket changes, deduction updates, filing deadlines, refund timelines, and what taxpayers need to know each season.
Latest in Tax Changes & Deadlines
$75,000 is Illinois’s new income limit for its senior property-tax freeze in 2026
Illinois seniors earning up to $75,000 in household income will qualify for the state’s property-tax assessment freeze starting in tax year 2026, a $10,000 jump...
$40,000 is the new SALT deduction cap, letting more homeowners write off state taxes
Millions of homeowners in high-tax states can now write off up to $40,000 in state and local taxes on their federal returns, quadrupling the cap...
$2,050 is the new extra standard deduction for filers 65 and older on 2026 returns
Taxpayers who are 65 or older will be able to claim a $2,050 additional standard deduction on their 2026 federal returns, filed in 2027. The...
Student debt forgiven in 2026 could be taxed again as the pandemic-era exemption expires
Borrowers who receive student loan forgiveness after December 31, 2025, face the prospect of owing federal income tax on the discharged amount. The temporary exclusion...
Who qualifies for the new $6,000 senior deduction? People 65 and older with income under $75,000
Americans age 65 and older who earn less than $75,000 a year can now subtract an extra $6,000 from their taxable income, a break created...
Who can deduct up to $25,000 in tips this year? Workers in jobs the IRS lists as customarily tipped
Millions of service-sector workers across the United States can now subtract up to $25,000 in tip income from their federal taxable earnings, but only if...
Who can write off up to $10,000 of car-loan interest? Buyers of new U.S.-assembled vehicles, through 2028
Buyers who finance a new car assembled in the United States can now deduct up to $10,000 in loan interest each year for tax years...
New Jersey is mailing Senior Freeze property-tax relief forms, due November 2
New Jersey’s Division of Taxation is sending paper application booklets to more than 500,000 households for the Senior Freeze property-tax reimbursement, with a filing deadline...
Who can deduct up to $12,500 of overtime pay? Workers with FLSA overtime on a W-2, starting with 2025 returns
Millions of hourly workers who logged extra shifts in 2025 now stand to reclaim a slice of those earnings at tax time. A new above-the-line...
Profit over $250,000 on a home sale, or $500,000 for couples, is taxable, a cap frozen since 1997
Homeowners who sell for a large gain face a hard line in the tax code: profit over $250,000 on a home sale, or $500,000 for...
Earn over $150,000? Your 401(k) catch-up must now go into a Roth, taxed up front
Workers who earned more than $150,000 from their employer in the prior year will no longer be able to stash catch-up 401(k) contributions in a...
$20,000 is the restored 1099-K reporting threshold, sparing casual online sellers a surprise tax form.
Millions of casual online sellers who expected to receive a Form 1099-K for relatively small amounts of activity on platforms like eBay, Etsy, and Venmo...
Who qualifies for the new tax break on tips? Workers can deduct up to $25,000 of tip income, starting with 2025 returns.
Millions of tipped workers across the United States can now shield up to $25,000 of their tip income from federal income tax when they file...
You can challenge your property-tax assessment, and many who appeal win a lower bill
Homeowners who believe their property has been overvalued on the tax rolls have a formal right to push back, and official state records show that...
October 15 is the final deadline to file a 2025 return if you took an extension
Millions of taxpayers who requested extra time on their 2025 federal returns now face a single, firm cutoff: October 15. Missing that date exposes filers...
$10,000 in interest on a new U.S.-built car loan is now deductible, even without itemizing
Buyers of new, U.S.-assembled vehicles can now write off up to $10,000 in annual car loan interest on their federal tax returns, and they do...
$108,000 a year can go straight from your IRA to charity, tax-free, after age 70½
Retirees who hold traditional IRAs can now direct up to $108,000 per year to qualifying charities without counting a single dollar as taxable income, provided...
The Credit for the Elderly or Disabled can cut taxes for lower-income seniors
Seniors and retirees living on modest incomes can directly reduce what they owe the IRS through a tax credit that many eligible filers never claim....
Self-employed people who work from home can deduct part of rent, utilities and internet
Self-employed workers who dedicate part of their home exclusively to business can write off a share of rent, utilities, and internet costs on their federal...
The IRS now lets many filers submit a federal return online for free through Direct File
Millions of Americans who once paid commercial software fees or struggled through complex free-file portals now have a direct, no-cost path to file federal tax...