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The Top 5 Tips for Extension Filers
Extension filers don’t have to wait until Oct. 15, 2026, to file their federal tax return. Taxpayers are encouraged not to wait and to take steps to help them prepare an accurate return. Let’s go over a few tips to make completing the return quick and easy.
Gather and review tax documents
Complete and accurate records can reduce errors and delays. Individual taxpayers can access their IRS Individual Online Account to view account information and transcripts, make payments, and manage communication preferences.
Use IRS Free File, if eligible
Taxpayers can see if they are eligible to file their return for free through IRS Free File. The program is available to taxpayers who had an adjusted gross income of $89,000 or less in 2025. IRS Free File is guided tax preparation and can help taxpayers determine their eligibility for many valuable tax credits.
IRS Free File Fillable Forms is available to taxpayers who are comfortable preparing and filing their own returns. Regardless of income level, taxpayers can still electronically file their returns at no cost.
Additionally, many Volunteer Income Tax Assistance and Tax Counseling for the Elderly still offer free basic tax return preparation to qualified individuals, including:
- People who generally qualify for the Earned Income Tax Credit
- Persons with disabilities
- Limited English-speaking taxpayers
Know what to look for, if choosing a tax pro
Some may choose to use a tax professional to complete and file their return. A tip earlier this year, provides important tips when choosing a tax pro.
Don’t wait until the last minute
The extension to file is not an extension to pay. The deadline for extension filers is Oct. 15, 2026. Taxpayers should file electronically and choose direct deposit for their tax refund – it’s the fastest and safest way to receive their money.
Taxpayers in disaster areas may have more time to file. Information on the most recent tax relief for disaster situations is available on the IRS website.
Payment options
Those who owe taxes and can’t pay their balance in full should pay as much as they can to reduce interest and penalties for late payment. The IRS has options for people who can’t pay their taxes, including applying for a payment plan on IRS.gov. Taxpayers can view payment options or check their account balance online.
Enhanced Deduction for Seniors
There are some changes for the 2026 tax filing season that people who are 65 years of age and older should be aware of. The most recent being the enhanced deduction for seniors, which is a provision of the One, Big, Beautiful Bill.
The IRS is sharing what’s new, as well as some reminders specifically for seniors.
Enhanced deduction for seniors
A new deduction that is in addition to the current additional standard deduction for seniors under existing law.
- For tax years 2025-2028, taxpayers who are age 65 or older may be eligible to claim an additional $6,000 deduction per person ($12,000 if married filing jointly and both spouses are eligible)
- To be eligible, the person must be 65 on or before the last day of the tax year
- It is available to eligible taxpayers who claim the standard deduction or itemize
- The deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers)
Earned Income Tax Credit
- EITC helps low to moderate-income workers and families get a tax break
- The maximum income amount for claiming the credit for the 2025 tax year is $68,675. The amount of the credit may vary based on income, family size and filing status.
New Government Accounts jumpstart the American Dream.
We’re building long-term financial security for millions of children by creating tax-advantaged investment accounts for U.S. citizens under the age of 18. Coming in July, 2026.
Get $1,000 for every American child born between January 1, 2025 and December 31, 2028.
The account is fully in your child’s name, and you are the sole custodian until they turn 18. No contributions necessary—but you can deposit up to $5,000 per year to maximize growth
Launching July 5, 2026
- Enroll your child by making an election when you file your taxes
- A financial institution will receive your funds and activate your account.
- Sit back and watch the money grow. Contribute anytime (or not).
Big things start with small steps.
Jumpstart their financial future
Build your child’s financial foundation right from the beginning. With $1,000 from the U.S. Treasury, your child has a huge head start on the American dream.
The power of time in the market
Your account balance will grow over time on its own, whether you choose to contribute additionally or not. You may contribute up to $5,000 per year to accelerate gains.
Proven winners. All-American growth.
Your child’s funds will automatically be invested in American companies. The app lets you see exactly what stocks they own and how they’re performing.
Growing their finances. And their education.
As they get older, they’ll learn about investing and watch their money compound in real time. They’ll gain more than just money. They’ll gain financial literacy.
At 18 the Trump Account is all theirs
They’re free to continue letting it grow, or they can withdraw funds right away to use for things like education or a home—with all the tax advantages of a traditional IRA.
Your child's account grows with them.
Contributing to your child's Trump Account is optional. The balance will continue to grow over time, with or without contributions.
contributing $0/year:
$5,800
Over 18 years
Contributing $250/year:
$20,700
Over 18 years
Contributing $5,000/year:
$303,800
Over 18 years
Estimates are for illustration only and are based on an account opening at birth with $1,000 opening deposit and are derived from historical S&P 500 averages. Actual results may differ and are not guaranteed.
New Tax Law Changes For 2026 Tax Returns: Tax Provisions Part 2
Business Tax Provisions
Permanently restores immediate expensing for domestic research a,nd development (R&D) expenses; small businesses with gross receipts of $31 million or less can retroactively expense R&D back to after December 31, 2021; all other domestic R&D between December 21, 2021 and January 1, 2025 can accelerate remaining deductions over a one- or two-year period.
Permanently reinstates the EBITDA-based limitation on business net interest deductions.
Permanently restores 100 percent bonus depreciation for short-lived investments.
Temporarily provides 100 percent expensing of qualifying structures, with the beginning of construction occurring after January 19, 2025, and before January 19, 2029, and placed in service before January 1, 2031.
Makes the Section 199A pass-through deduction permanent; increases phase-in range of limitation by $50,000 for non-joint returns and $100,000 for joint returns.
Implements a one percent floor on deduction of charitable contributions made by corporations.
NEW TAX LAW CHANGES FOR 2026 TAX RETURNS AND THEREAFTER
As the TCJA changes were set to expire at the beginning of 2026, the 2025 One Big Beautiful Bill makes many of these once-temporary changes permanent. Much of what takes effect beginning in 2026 is, a permanent continuation of the TCJA of 2017.
While there are a handful of changes that are retroactive to 2025, most of the changes in the One Big Beautiful Bill take effect on January 1, 2026. Some are permanent, while others last a few years. In addition to the tax-year 2025 retroactive changes, 2026 and thereafter tax changes include many changes, including:
AMT
Makes the increase in the alternative minimum tax (AMT) exemption permanent; reverts AMT exemption phaseout thresholds to 2018 levels of $500,000 for single filers and $1 million for joint returns, indexed for inflation thereafter; increases the phaseout rate.
Increase of Estate Tax Exemption
Permanently increases the estate and lifetime gift tax exemption to an inflation-indexed $15 million for single filers, and $30 million for joint filers, beginning in 2026.
Above the Line Charitable Contributions
Creates a permanent $1,000 above-the-line deduction for charitable contributions ($2,000 for joint filers).
Limits on the Value of Itemized Deductions
Limits the value of itemized deductions to 35 cents on the dollar for taxpayers in the top tax bracket. 0.5 percent floor on charitable contributions in order to take them as an itemized deduction.
- Elimination of Personal and Dependent Exemptions
- Increased Standard Deductions
- Increased Standard Deductions
- Current Tax Brackets
- Increased Child Tax Credit
- $750,000 Deductible Personal Mortgage Limit
- Limitation on Personal Casualty Losses, Miscellaneous Itemized Deductions, and Moving Expense Deduction for Most Taxpayers
- Increased AMT Exemption
- Deduction for Qualified Business Income (QBI) at 20%
New Tax Law Changes For 2025 Tax Returns Part 1
Most of the changes in the One Big Beautiful Bill take effect on January 1, 2026, but some are retroactive and could impact 2025 tax returns. Many of the changes have certain requirements, such as adjusted gross income limits, and some are temporary. Changes that might affect most 2025 tax returns include:
– Additional Senior Deduction
Temporarily adds a senior deduction of $6,000 for each qualifying individual for both itemizers and non-itemizers, which phases out When the modified adjusted gross income exceeds $75,000, it is available from 2025 through 2028.
– Increased State and Local Tax (SALT) Itemized Deduction
Temporarily increases the cap on the itemized deduction for state and local taxes (SALT) to $40,000 for 2025, and increases the cap by one percent each year from that level through 2029, subject to a phaseout for taxpayers with incomes above $500,000, then reduces the cap to a flat $10,000 thereafter.
– Increase in the Standard Deduction
Makes the standard deduction increase permanent with an enhancement, starting in 2025 at $31,500 for joint filers, $23,625 for head of household, and $15,750 for all other filers, inflation-adjusted thereafter.
-No Tax on Tips
Temporarily makes up to $25,000 of tip income deductible for individuals in traditionally and customarily tipped industries for tax years 2025 through 2028; deduction phases out at a 10 percent rate when adjusted gross income exceeds $150,000 ($300,000 for joint filers).
-No Tax on Overtime
Temporarily makes up to $12,500 ($25,000 for joint filers) of the premium portion of overtime compensation deductible for itemizers and non-itemizers for tax years 2025 through 2028. The deduction phases out at a 10 percent rate when adjusted gross income exceeds $150,000 ($300,000 for joint filers).
-Deduction for Interest Payments on Certain Vehicles
Temporarily makes auto loan interest deductible for itemizers and non-itemizers for new autos with final assembly in the United States for tax years 2025 through 2028; deduction limited to $10,000, and phases out a a 20 percent rate when income exceeds $100,000 for single filers and $200,000 for joint filers.
More good news to come! Al Minor, COO, L. Lopez CPA and Associates