Advanced Markets Minute
Tax Season Is Here!
2026 Tax Update
With a new year comes a whole new set of tax rules. With the recent permanency set by the One Big Beautiful Bill, we are no longer concerned about the potential sunset and are now looking to what the 2026 inflation-adjusted items are in the tax code compared to prior years.
What does it mean for you and your clients?
- Taxpayers got a strong increase to income brackets and standard deduction amount.
- Taxpayers over age 65 could benefit from a new temporary senior deduction.
- Numerous above-the-line temporary tax deductions were added to Schedule A and could help reduce tax paid on tips and overtime earnings.
- As with income tax rates, the actual capital gains tax rates didn’t change, but the brackets have changed in 2026.
- Federal estate exemption amount increased as well.
Changing tax brackets plus increased exemptions and credits typically mean lower tax bills for most taxpayers, which is a good thing…
When you’re in a competitive situation to gain a client’s business, you probably want every advantage you can use to help you win. In Advanced Markets, we provide our Producer Tax Guide to help you gain that advantage. You’ll find the most important tax rates, retirement plan limits, income tax tables, and other pertinent information in our Guide.
Keep in mind that if you or your client want the numbers to use for your income tax due this April, the 2025 Tax Piece is the one to refer to, but for future planning purposes, use the new 2026 guide.
Take advantage of our Advanced Markets Tax Guide to assist with your individual and business planning. You’ll get the numbers you need to make sure you are providing the correct information. Give us a call in Advanced Markets if we can help.
Tax Season Is Here!
#GoldenCareAgent