Changes and Deadlines Archives - Page 25 of 35

A young woman who is in a state of stress calculates monthly housing costs and installments for a ca

Overtime pay up to $12,500 single or $25,000 joint becomes deductible through 2028 under the OBBBA — saving a worker with $20,000 of annual overtime about $4,400 at the 22% bracket

David Keller2 months ago2 months ago013 mins

When the One Big Beautiful Bill Act became law in May 2025, it carried a provision that most overtime-eligible workers had never lobbied for and many still do not know exists: a federal income tax deduction for qualified overtime pay. The write-off, which took effect retroactively for the entire 2025 tax year, lets workers subtract…

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The capital-gains exclusion on a primary-home sale still caps at $500,000 for couples and $250,000 for singles — untouched since 1997 — while median U.S. homeowner equity now tops $213,000

David Keller2 months ago2 months ago014 mins

When Congress passed the Taxpayer Relief Act of 1997, a three-bedroom ranch house in San Jose might have sold for $280,000. Today that same house could fetch $1.5 million or more. A single homeowner who held on for the full ride would owe federal capital-gains tax on roughly $750,000 of profit after applying the $250,000…

Business woman in the office an the desk verifying documents.

Quarterly estimated taxes are due in 15 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

Warren Cohen2 months ago2 months ago017 mins

A freelance graphic designer who pocketed $12,000 between April and May 2026 but set nothing aside for taxes is about to find out exactly what the IRS charges for that oversight. The second quarterly estimated tax payment for 2026 is due June 15, and for the millions of self-employed workers, rideshare drivers, and gig-economy contractors…

a woman sitting on a couch next to a little girl

The Dependent Care FSA cap just jumped to $7,500 for joint filers — the first inflation adjustment since the $5,000 ceiling was set in 1986 — pre-tax shielding at the 22% bracket saves a family about $1,650 a year

Warren Cohen2 months ago2 months ago011 mins

A married couple with two kids in full-time daycare can easily spend $18,000 or more a year on care. Until now, the most they could shelter from taxes through a Dependent Care Flexible Spending Account was $5,000, a ceiling Congress set in the Tax Reform Act of 1986 and never adjusted. Starting with the 2026…

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The OBBBA just permanently restored the federal tax deduction for mortgage insurance premiums starting with the 2026 tax year — PMI, FHA MIP, and VA funding fees all qualify

Warren Cohen2 months ago2 months ago013 mins

For years, homeowners paying mortgage insurance had to wait and wonder whether Congress would renew a federal tax deduction that kept expiring. That cycle is over. A provision tucked inside the One Big Beautiful Bill Act, signed into law on July 4, 2025, permanently allows borrowers who itemize their taxes to deduct mortgage insurance premiums…

1040 tax form on a wooden table Tax time Financial concept

The IRS may owe you a refund for penalties paid between 2020 and 2023 — you have 40 days left before the July 10 deadline

Warren Cohen2 months ago2 months ago012 mins

Tens of millions of taxpayers who paid late-filing or late-payment penalties to the IRS during the COVID pandemic may be entitled to get that money back. But there is a hard deadline approaching: July 10, 2026. After that, the three-year statute of limitations will close on these claims for good. The penalties in question were…

Modern Businesswoman Working from Home Young Female Entrepreneur Using Laptop for Freelance project

Quarterly estimated taxes are due in 16 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

Warren Cohen2 months ago2 months ago013 mins

Sixteen days from now, on June 15, 2026, the IRS expects the second quarterly estimated tax payment of the year. For the roughly 27 million Americans who file Schedule SE for self-employment income, according to IRS filing statistics, there is no employer handling withholding on their behalf. If they underpay or skip the deadline entirely,…

Couple with solemn faces at a pawn shop counter

SNAP recipients aged 55 to 64 with no children under 14 must now show 80 hours of work or job training a month or lose benefits after 3 months

David Keller2 months ago2 months ago013 mins

The One Big Beautiful Bill Act, signed into law on July 4, 2025, expanded SNAP work requirements to cover adults up to age 64 and narrowed the definition of who qualifies as a caregiver. As of June 2026, states are still rolling out enforcement for the newly covered age group, and many recipients between 55…

Elderly couple using a laptop in a living room.

The new $6,000 senior bonus deduction phases out at 6% above $75,000 single and $150,000 joint — zeroing out at $175,000 single or $250,000 joint

David Keller2 months ago2 months ago011 mins

A 72-year-old single retiree living on $60,000 a year in Social Security and pension income stands to subtract an extra $6,000 from her taxable income on her 2025 federal return, a break that could save her more than $1,300 in taxes. A couple in their late 60s pulling in $200,000 from IRAs and investments will…

a man in a white shirt and tie holding a folder

The IRS permanently discontinued Direct File for the 2026 filing season — Free File through eight trusted partners stays available for filers with AGI under $89,000

David Keller2 months ago2 months ago010 mins

If you filed your federal tax return through the IRS Direct File tool last year, that option is gone. The IRS has shut down Direct File for the 2026 filing season, pulling the plug on the only government-built, no-cost electronic filing channel that let people prepare and submit returns without touching commercial software. The move…

Category: Changes and Deadlines

Overtime pay up to $12,500 single or $25,000 joint becomes deductible through 2028 under the OBBBA — saving a worker with $20,000 of annual overtime about $4,400 at the 22% bracket

The capital-gains exclusion on a primary-home sale still caps at $500,000 for couples and $250,000 for singles — untouched since 1997 — while median U.S. homeowner equity now tops $213,000

Quarterly estimated taxes are due in 15 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

The Dependent Care FSA cap just jumped to $7,500 for joint filers — the first inflation adjustment since the $5,000 ceiling was set in 1986 — pre-tax shielding at the 22% bracket saves a family about $1,650 a year

The OBBBA just permanently restored the federal tax deduction for mortgage insurance premiums starting with the 2026 tax year — PMI, FHA MIP, and VA funding fees all qualify

The IRS may owe you a refund for penalties paid between 2020 and 2023 — you have 40 days left before the July 10 deadline

Quarterly estimated taxes are due in 16 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

SNAP recipients aged 55 to 64 with no children under 14 must now show 80 hours of work or job training a month or lose benefits after 3 months

The new $6,000 senior bonus deduction phases out at 6% above $75,000 single and $150,000 joint — zeroing out at $175,000 single or $250,000 joint

The IRS permanently discontinued Direct File for the 2026 filing season — Free File through eight trusted partners stays available for filers with AGI under $89,000

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