Planning guide for this 2026 tax season

Tax season often comes with a familiar sense of panic—worrying about missed forms, late documents, and last-minute stress. But with a little preparation, you can avoid surprises, reduce your tax bill, and make the entire process far more manageable for you and your CPA advisor.

Here’s how to stay ahead this year.

Gather the Right Documents Early

Tax season is really about having the right documentation. Once you collect your core information, everything else becomes easier.

You’ll need your Social Security number, current address, and dependent details. From there, gather all income documents—W-2s, 1099s, K-1s, and brokerage statements.

For deductions, collect:

• Above-the-line deductions: IRA and HSA contribution statements, student loan interest
• Itemized deductions: mortgage interest, property taxes, state and local taxes, charitable contributions, and medical expenses

If you're self-employed or purchased insurance through the marketplace, pull together your health insurance records as well.

Also note any major life events—births, deaths, marriage or divorce, a home sale, or the sale of a business—as these can significantly affect your taxes.

Wait for Late or Corrected Forms

Being organized early doesn’t mean you should file early. If you have investments or receive K-1s, it’s common for custodians to issue 1099s in mid-February—or send corrected versions weeks later.

Filing before all documents arrive increases the likelihood you’ll need to amend your return later. Waiting for complete and final forms is almost always the safer choice.

Don’t Miss Overlooked Deductions and Credits

Some of the most valuable tax breaks are also the easiest to miss.

If you’re self-employed, your health insurance premiums may be deductible. HSA contributions can directly reduce taxable income. Childcare expenses, educational costs, and charitable donations all provide additional relief.

Retirement contributions—such as SEP IRAs, solo 401(k)s, and traditional IRAs—may also be deductible depending on your situation. Even if you haven’t used these deductions in prior years, it’s worth revisiting them now.

New Deductions Under the One Big Beautiful Bill Act

The tax law passed on July 4, 2025 introduced several new deductions for the 2025 tax year:

• Tip income deduction: Workers in tipped industries can deduct qualified tips, up to $25,000 for joint filers (with phase-outs starting at $150,000 / $300,000 MAGI).
• Overtime deduction: The premium portion of overtime pay may be deductible—up to $12,500 per filer ($25,000 jointly)—with similar phase-out thresholds.
• Car loan interest: Up to $10,000 of interest on loans used to purchase a new vehicle for personal use may now be deductible.
• Additional senior deduction: Taxpayers age 65+ may take an extra $6,000 deduction ($12,000 if both spouses qualify), with phase-outs beginning at $75,000 / $150,000 MAGI.

Each provision has specific rules, income limits, and documentation requirements. A qualified tax professional can help confirm your eligibility.

Business Owners: Don’t Overlook Key Tasks

If you run a business, there are additional steps to keep in mind:

• File your business return first. Partnerships and S corporations must file before personal returns so K-1s can flow through properly.
• Finalize your books. Make sure bank reconciliations, expenses, and any unusual income or reimbursements are accurately categorized.
• Issue contractor 1099s. If you paid non-employees over $600 last year, 1099-NECs are due February 2. Missing that deadline can result in penalties.
• Review mileage logs, home office expenses, and out-of-pocket business costs—accurate records can increase deductions and reduce audit risk.

Know Your Deadlines—and What Extensions Really Mean

For most taxpayers, the filing deadline this year is April 15, 2026. Some states may differ, especially in disaster-declared areas.

If you’re not ready, you can request an extension—but remember: an extension extends the time to file, not the time to pay.

If you expect to owe taxes and don’t pay by April 15, you may incur interest and penalties. When in doubt, send an estimated payment with your extension.