Author: taxguru
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What Are Trump Accounts? A Complete Guide to the New Tax-Advantaged Savings for Children in 2026
Trump Accounts are a new type of tax-advantaged savings and investment account introduced under the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025. These accounts, also referred to as Section 530A accounts, function like traditional individual retirement accounts (IRAs) but are designed specifically for children under age 18. They aim…
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Side Hustle Taxes in 2026: How Gig Workers Can Slash Bills with New Deductions & Avoid IRS Surprises
Earning extra cash on the side—whether driving for rideshare apps, freelancing on Upwork, selling handmade goods on Etsy, or delivering meals via DoorDash—has never been more popular. But with that income comes tax responsibilities, and 2026 brings some welcome relief thanks to the One Big Beautiful Bill Act (OBBBA), signed into law in 2025. The…
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Will the 2026 Tax Changes Put More Money in Your Pocket This Year? Here’s What You Need to Know
Welcome to potentially bigger paychecks in 2026! If you’re like most Americans, you’ve probably heard the buzz about major tax updates kicking in this year, thanks to the One Big Beautiful Bill Act (signed into law in 2025) and the IRS’s annual inflation adjustments. These changes could mean more money in your pocket through higher…
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5 Massive Tax Mistakes That Could Cost You Thousands in the 2026 Filing Season (And How to Avoid Them Before It’s Too Late)
Tax season is officially here—the IRS begins accepting 2025 returns on January 26, 2026, with the deadline looming on April 15. Thanks to the sweeping changes from the One Big Beautiful Bill (signed into law in 2025), millions could see bigger refunds through new perks like no tax on tips, no tax on overtime, no…
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Tax Filing Season 2026: Your Essential Checklist to Gather Documents and Prepare Now
Tax season is just around the corner, and the IRS is already urging taxpayers to “Get Ready” for filing 2025 federal income tax returns. The 2026 filing season is expected to begin in late January (historically around late January to early February), with the standard deadline falling on April 15, 2026. Starting early isn’t about…
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Will Your Paycheck Actually Grow in 2026? Breaking Down the New IRS Brackets and Trump’s Tax Cuts
Hey there, tax warriors! It’s January 7, 2026, and if you’re staring at your first paycheck of the year wondering, “Wait, is this bigger than last month—or am I just imagining it?” you’re not alone. With the IRS dropping fresh inflation adjustments and the One Big Beautiful Bill Act (OBBBA) kicking in some headline-grabbing changes,…
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2026 Tax Brackets Released: Could Your Paycheck Get Bigger This Year?
The IRS has just unveiled the official 2026 tax brackets and inflation adjustments, incorporating key changes from the One Big Beautiful Bill Act (OBBBA). If your income doesn’t skyrocket with inflation, you could see a slightly larger paycheck—or a smaller tax bill—thanks to wider brackets and a boosted standard deduction. But here’s the thought-provoking question:…
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Unlock the New $6,000 Senior Tax Deduction in 2026: Could This Slash Your Tax Bill and Change How We View Retirement Income?
As we kick off 2026, millions of Americans over 65 are buzzing about a game-changing tax break that’s putting real money back in their pockets. Introduced under the One Big Beautiful Bill Act, this new $6,000 senior deduction is designed to ease the financial burden on retirees amid rising costs for healthcare, housing, and everyday…
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The Revival of 100% Bonus Depreciation: A Permanent Win for Businesses in 2026
As we enter the 2026 tax year, one of the most powerful tax incentives for businesses is back—and this time, it’s here to stay. The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, permanently restored 100% bonus depreciation under IRC Section 168(k). This reversal of the scheduled phase-out from the…
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7 Surprising Tax Changes in 2026 That Could Save (or Cost) You Thousands – Are You Ready?
It’s January 2026, your first paycheck with new withholding just hit, and millions of Americans are about to feel the impact of the biggest tax overhaul in years. Thanks to IRS inflation adjustments and the new One Big Beautiful Bill (OBBB), your take-home pay, deductions, and planning strategy could look completely different. Some will save…