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By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: For tax years beginning in 2026, Section 179 lets businesses immediately expense up to $2,560,000 of qualifying equipment and software, with the benefit phasing out dollar-for-dollar once total purchases exceed $4,090,000. Both limits are … Read more

By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 20, 2026 Quick answer: The 2026 IRS standard mileage rate for business driving is 72.5 cents per mile, up 2.5 cents from 70 cents in 2025. The medical rate is 20.5 cents, the moving rate (active-duty military only) … Read more

By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 20, 2026 Quick answer: Under new IRC §174A, domestic research and development costs are again immediately deductible for tax years after December 31, 2024, reversing the TCJA rule that forced businesses to amortize them over five years. Companies … Read more

By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 20, 2026 Quick answer: For 2026 you can give up to $19,000 to each recipient with no gift tax and no gift tax return — the same as 2025. A married couple can jointly give $38,000 per recipient … Read more

By Income Tax Service Editorial — Reviewed by Diyan Yap, EA (IRS Enrolled Agent) — Updated July 19, 2026 Quick answer: For 2026, a payment app or platform issues a Form 1099-K only if your payments both exceed $20,000 AND come from more than 200 transactions in the year. Both tests must be met. The … Read more