A quick rundown of the tax changes likely to affect your return this season, from new One Big Beautiful Bill provisions like the senior deduction to this year's IRS inflation adjustments.
Every year brings a handful of changes worth knowing before you file, and 2026 is no exception. In this quick video, Tony Pellicano walks through four updates, from the recent tax legislation and the IRS's annual adjustments, that could shape your return this season. Here's the breakdown.
Four changes to know
The standard deduction went up
For 2026, the standard deduction rises to $16,100 for single filers and $32,200 for couples filing jointly, a modest bump for anyone who doesn't itemize.
A new deduction for filers 65 and older
Eligible taxpayers age 65+ can claim an additional deduction of up to $6,000 per person through 2028. It begins to phase out at higher income levels.
The SALT deduction cap jumped
The cap on deducting state and local taxes, including property taxes, is $40,400 for 2026, a major increase from the $10,000 limit that applied before the new law. Like the senior deduction, it phases out at higher incomes.
The gift tax exclusion holds steady
You can gift up to $19,000 per recipient in 2026 without reporting it or reducing your lifetime exemption, the same as last year, or $38,000 for married couples electing to split gifts. The bigger change is the lifetime gift and estate exemption, which rises to $15 million per person under the new law.
Want to talk through what this means for you? These changes affect everyone differently depending on income, filing status, and where you live.
Request a time with one of our advisors, or give us a call, and we'll walk through your specific situation ahead of tax season.
