Tax Season Update

Organizers have been uploaded to clients with secure portals. If you would like a secure email copy as well please let us know. There have been issues with delivery through the postal service for the last couple of tax seasons, so we prefer not to mail them. If that is still your preferred method please email me and let me know.

TAX UPDATES:

• E-file officially opens January 26th.

• Standard deductions are $31,500 for MFJ, $15,570 for single and MFS, and $23,625 for Head of Household. Tax brackets (marginal tax rates) can be seen here: https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions

• Standard Mileage Rate is 70 cents per mile for 2025, increased to 72.5 cents per mile for 2026.

• Car interest deduction - must be new and for personal use, and is capped at $10k.

• There is not federal tax on tips and overtime, but beginning January 1, 2026 the state of Colorado will tax tips and overtime while the federal government will continue the exemption throughout the calendar year 2026.

• The Trump Account thing for eligible children is vague at the moment. I will go through all the federal updates in my software and let you know in a future post.

• If you received healthcare through the marketplace and received a Premium Tax Credit you will need to log in to your healthcare account and look for the 1095A. Then save it and include it in the information you provide us.

• Make sure you have an account set up at IRS.gov to make payments or request transcripts.