diyanyap@gmail.com By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: For 2026, the standard deduction is $32,200 for married couples filing jointly, $16,100 for single filers, and $24,150 for heads of household. All seven federal tax rates stay the same (10% to 37%), but … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: The One Big Beautiful Bill Act restored 100% first-year bonus depreciation — permanently — for qualified property acquired and placed in service after January 19, 2025. Businesses can again write off the full cost … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: The 20% Qualified Business Income (QBI) deduction under Section 199A was set to expire December 31, 2025. The One Big Beautiful Bill Act made it permanent. If you own a sole proprietorship, partnership, S-corp, … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: For people who die in 2026, the federal estate tax basic exclusion is $15,000,000 per person — up from $13,990,000 in 2025. The One Big Beautiful Bill Act made the higher exemption permanent and … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: Trump Accounts — the new federal child investment accounts created by the One Big Beautiful Bill Act — became fundable on July 4, 2026. The federal government makes a one-time $1,000 contribution per eligible … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: The two main home energy tax credits ended after December 31, 2025. The Energy Efficient Home Improvement Credit (§25C) does not apply to property placed in service after that date, and the Residential Clean … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: There is no federal EV purchase credit in 2026. The One Big Beautiful Bill Act ended the new, used, and commercial clean-vehicle credits for any vehicle acquired after September 30, 2025. What remains for … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: Starting with tax year 2026, the One Big Beautiful Bill Act removes the caps that limited how much excess advance Premium Tax Credit lower-income households had to repay. If your actual income comes in … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: Starting with tax year 2026, you can deduct up to $1,000 of cash donations ($2,000 married filing jointly) even if you take the standard deduction. At the same time, itemizers face a new floor: … Read more
By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: From 2025 through 2028, you can deduct up to $10,000 per year of interest on a car loan — without itemizing — if the loan started after December 31, 2024, the vehicle is for … Read more