IRS Updates & Resources
Stay informed with the latest OBBBA tax law changes, IRS videos, essential forms, and resources your business needs for 2026.
One Big Beautiful Bill Act (OBBBA)
Signed into law July 4, 2025, the OBBBA significantly changes federal taxes, credits, and deductions. Here's what you need to know.
Standard Deduction Increases for 2026
Single: $16,100 | Married Filing Jointly: $32,200 | Head of Household: $24,150. Significant increases from prior years.
Senior Bonus Deduction: $4,000 Extra
Taxpayers age 65+ get an additional $4,000-$6,000 deduction on top of the standard deduction. Significant savings for seniors.
100% Bonus Depreciation Restored
For qualifying business property acquired after Jan. 19, 2025, businesses can deduct 100% of the cost in the first year. Huge for equipment purchases.
Tax-Free Tip Income
Tips for service workers are no longer subject to federal income tax. Applies to cash and credit card tips in qualifying industries.
Tax-Free Overtime Pay
Overtime compensation is exempt from federal income tax for qualifying workers. Major benefit for hourly employees.
Auto Loan Interest Deduction
New deduction for qualified passenger vehicle loan interest, up to $10,000. Applies to vehicles made in America.
Estate Tax Exclusion: $15 Million
Basic exclusion amount for estates increases to $15,000,000 for decedents in 2026. Important for high-net-worth planning.
Trump Accounts for Children
New tax-advantaged savings accounts for children with a $1,000 government contribution and $5,000/year contribution limit.
Videos, Forms & Quick Links
Essential IRS resources for small business owners, individuals, and real estate professionals.
Small Business Taxes Demystified: 5-Step Guide for 2026
IRS guide covering basics of small business tax filing, estimated payments, and common deductions.
IRS.gov Small Business Resources Overview
Walkthrough of all the free tools and resources available on IRS.gov for small business owners.
2026 Tax Return Preparation & Tax Planning
Comprehensive class covering federal return prep, Schedule C, self-employment, and 2026 planning strategies.
Small Business Taxes for Beginners: Filing Guide 2026
Beginner-friendly guide to understanding business taxes, forms, estimated payments, and avoiding penalties.