Changes and Deadlines Archives - Page 26 of 35

Young couple on the sofa with laptop and count the bill for payment. The concept of utilities, debt, people and credit.

The OBBBA permanently raised the estate-and-gift-tax exemption to $15 million per person starting in 2026 — couples can pass $30 million tax-free across death and lifetime gifts combined

David Keller2 months ago2 months ago012 mins

Until last summer, a married couple worth $30 million was staring at a potential federal estate-tax bill that could have topped $6 million. The 2017 Tax Cuts and Jobs Act had temporarily doubled the estate-and-gift-tax exemption, but that doubling was set to expire on January 1, 2026, snapping the per-person shield back to roughly $7…

Young couple calculating their domestic bills at home

The 2026 standard deduction just climbed to $32,200 for married couples and $16,100 for singles — the new floor means roughly 9 in 10 filers skip itemizing

David Keller2 months ago2 months ago010 mins

Most Americans will never fill out a Schedule A for their 2026 taxes. The IRS has set the standard deduction at $32,200 for married couples filing jointly, $16,100 for single filers, and $24,150 for heads of household, increases that push the threshold even further beyond what typical households spend on mortgage interest, state taxes, and…

a row of houses with cars parked in front of them

The SALT deduction cap just quadrupled to $40,400 for joint filers through 2029 — a $7,500 tax cut for the average high-property-tax household

David Keller2 months ago2 months ago012 mins

For seven years, a homeowner in Bergen County, New Jersey, paying $15,000 in annual property taxes could only write off $10,000 of that bill on a federal return. The other $5,000 simply vanished into the tax code. That changed when President Trump signed the One, Big, Beautiful Bill into law. Starting with the 2025 tax…

The IRS penalty for failing to file is 5% per month — 10 times the 0.5% penalty for filing but underpaying — both cap at 25% after 5 months

Warren Cohen2 months ago2 months ago09 mins

A taxpayer who owes $5,000 and never files a return will rack up $250 in penalties every month. A taxpayer who owes the same amount, files on time, but cannot pay will owe just $25 per month. That tenfold difference is baked into the Internal Revenue Code, and as the filing deadline for 2025 returns…

Calculator and tax forms on a dark surface.

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

David Keller2 months ago2 months ago013 mins

A freelance graphic designer who earned $8,000 in April and May 2026 owes roughly $2,400 in federal estimated taxes by June 15. If she misses that deadline by even one day, the IRS starts charging an underpayment penalty at an annualized rate of 8%, compounded daily, with no grace period, no warning letter, and no…

four people watching on white MacBook on top of glass-top table

Student loan borrowers have 32 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

Warren Cohen2 months ago2 months ago015 mins

If you were paying $85 a month under the SAVE plan, your next student loan bill could be $350 or more. And if you do nothing in the next 32 days, that jump happens automatically. On July 1, 2026, federal loan servicers will begin mailing notices to every borrower still enrolled in the now-defunct SAVE…

Focused young homeowner girl using payment banking financial online application on laptop computer checking domestic paper documents paying bills calculating taxes insurance mortgage fees

Form 4868 pushes the tax filing deadline to October 15 — free, five minutes online — but does not extend the deadline to pay or stop interest on the balance due

Warren Cohen2 months ago2 months ago013 mins

About 19 million individual tax returns each year arrive at the IRS under an extension, according to the agency’s filing-season statistics. The mechanism behind all of them is Form 4868, a one-page request that moves the federal filing deadline from April 15 to October 15. It costs nothing, takes roughly five minutes to complete online,…

The IRS may owe you a refund for penalties paid between 2020 and 2023 — you have 41 days left before the July 10 deadline

Warren Cohen2 months ago2 months ago012 mins

Millions of Americans paid IRS penalties during the pandemic for filing taxes late or paying late. A federal court ruling now says many of those penalties should never have been assessed, and the money should be returned. But there is a hard deadline to claim it: July 10, 2026. As of early June 2026, that…

a man and a child playing with blocks on the floor

The OBBBA permanently set the Child Tax Credit at $2,200 per qualifying child under 17 — $1,700 of it refundable for working families with little or no federal tax liability

David Keller2 months ago2 months ago014 mins

A single parent earning $20,000 a year and raising two children will see roughly $2,625 in refundable Child Tax Credit payments when filing a 2025 return. That money arrives as a direct deposit or paper check even if the parent owes zero federal income tax. The scenario became possible under permanent law on July 4,…

Mature business woman working at desk in home office using laptop

The estimated tax safe harbor demands 110% of last year’s tax for AGI over $150,000 — pay that and no underpayment penalty hits, no matter how big the final tax

David Keller2 months ago2 months ago014 mins

A taxpayer whose 2025 return showed $80,000 in total federal tax can make the IRS underpayment penalty vanish for 2026 by doing one thing: paying at least $88,000 through withholding and estimated payments over the course of the year. If the actual 2026 tax bill lands at $200,000, the $112,000 shortfall triggers no penalty at…

Category: Changes and Deadlines

The OBBBA permanently raised the estate-and-gift-tax exemption to $15 million per person starting in 2026 — couples can pass $30 million tax-free across death and lifetime gifts combined

The 2026 standard deduction just climbed to $32,200 for married couples and $16,100 for singles — the new floor means roughly 9 in 10 filers skip itemizing

The SALT deduction cap just quadrupled to $40,400 for joint filers through 2029 — a $7,500 tax cut for the average high-property-tax household

The IRS penalty for failing to file is 5% per month — 10 times the 0.5% penalty for filing but underpaying — both cap at 25% after 5 months

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

Student loan borrowers have 32 days to leave the SAVE plan — miss July 1 and the government auto-enrolls you in Standard Repayment by September

Form 4868 pushes the tax filing deadline to October 15 — free, five minutes online — but does not extend the deadline to pay or stop interest on the balance due

The IRS may owe you a refund for penalties paid between 2020 and 2023 — you have 41 days left before the July 10 deadline

The OBBBA permanently set the Child Tax Credit at $2,200 per qualifying child under 17 — $1,700 of it refundable for working families with little or no federal tax liability

The estimated tax safe harbor demands 110% of last year’s tax for AGI over $150,000 — pay that and no underpayment penalty hits, no matter how big the final tax

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