Your Top 5 Tips for Tax Season 2026
Tax season is officially here — and 2026 brings a few noteworthy updates worth paying attention to. Between higher standard deductions, new contribution limits, and the buzz around The Big Beautiful Bill, there's no shortage of planning opportunities to explore. Whether you're looking to maximize savings or just make sure everything's in order, we're here to help. As always, don't hesitate to reach out to our team — we're ready to roll up our sleeves with you.
01: Gather Your Documents — We Can Help
Your Fidelity tax forms are on their way — and our team can help you access and collect them directly. Just reach out and we'll take that off your plate.
Most forms will be available by the beginning of March. We'd encourage you to hold off on filing until then to avoid any amended returns or late 1099 surprises down the road.
02: Standard Deductions Got a Boost
The IRS bumped standard deductions for 2026 — which may impact whether it makes sense to itemize this year. Here's what's changed:
Single filers: $16,100 | Married Filing Jointly: $32,200 | Head of Household: $24,150
If you're on the fence about itemizing vs. taking the standard deduction, let's talk it through — there may be a smarter path depending on your situation.
03: Your Retirement Contributions
Contribution limits have increased for 2026. If you haven't already maxed out your accounts, now's a great time to review:
401(k) / 403(b): $24,500 (up from $23,500) — with a $8,000 catch-up for ages 50+. If you're between 60–63, a special $11,250 catch-up applies.
IRA / Roth IRA: $7,500 (up from $7,000) — with an additional $1,100 for those 50+. Phase-out ranges also shifted slightly, so it's worth confirming your eligibility.
Questions about your retirement plan strategy? We'd love to run the numbers with you.
04: Consider a Strategic Roth Conversion
With tax brackets and exemptions shifting in 2026, this could be an ideal window to explore a Roth conversion — especially if you expect your income to be higher in future years. Converting traditional IRA funds to a Roth now means tax-free growth (and withdrawals) later.
This strategy works especially well for those in the 12% or 22% bracket who have room before hitting the next tier. Not sure if it applies to you? That's exactly what we're here to figure out together.
05: Stay Informed on Legislative Changes
The Big Beautiful Bill and the introduction of Trump Accounts are generating a lot of conversation right now — and for good reason. These potential changes could meaningfully impact how you think about savings, gifting, and long-term planning.
We've also seen updates to the estate and gift tax exemption (now $15,000,000 in 2026) and annual gift exclusion remaining at $19,000 — meaningful for families thinking about wealth transfer strategies.
Listen to our latest podcast episode below to get the full breakdown 👇
Listen: Trump Accounts & The Big Beautiful Bill
Our latest episode dives deep into what the new legislative changes could mean for your financial plan — including the new Trump Accounts and the key advantages tucked inside The Big Beautiful Bill. Grab your headphones.