Learning Objectives:

• List the 2026 changes in various amounts including the –
  • Standard mileage rates,
  • Standard deduction,
  • Deduction for State and Local Taxes (SALT Deduction),
  • Tip deduction,
  • Tax on overtime,
  • Car loan interest deduction,
  • Clean Energy Incentives,
  • Bonus Depreciation,
  • Research and Development expenses,
  • Sustainable Aviation Fuel Credit,
  • Limitation of Business Interest, AMT exemption amount,
  • Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
  • Deductions for qualified long-term care insurance premiums;
• Identify the 2026 tax credit changes affecting the –
  • Saver’s credit,
  • Child Tax Credit
  • Additional Child Tax Credit,
  • Earned income credit, and
  • Adoption credit;
• Recognize the 2026 changes affecting –
  • Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
  • Roth IRA eligibility, and
  • Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
• List the changes effective for 2026 with respect to the –
  • Small employer premium tax credit, and
  • Applicable large employer mandate;
• Determine the changes to retirement plans resulting from the Secure Act 2.0 that affect income tax preparation; and
• Describe the changes affecting 2025 and 2026 income resulting from the passage of the One Big Beautiful Bill (OBBBA).