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Tax Information
Tax tips, current rates, deductions, credits, and records retention guidance — everything you need to stay informed and prepared.
Preparing for Tax Day
What should you do to prepare for your appointment?
Required Documents to Bring or File
- Personal information (SSN, DOB for you, spouse, and dependents)
- Last year's federal and state tax returns
- W-2 forms from all employers
- All 1099 forms (interest, dividends, self-employment, retirement, etc.)
- Records of other income (rental, alimony, gambling, etc.)
- Social Security benefit statements (SSA-1099)
- Mortgage interest statements (Form 1098)
- Property tax bills and receipts
- Charitable contribution receipts
- Medical and dental expense receipts
- Business income and expense records
- Records of estimated tax payments made
- Education expense records (Form 1098-T)
- Childcare provider name, address, and EIN/SSN
- Records of IRA contributions
- Health insurance coverage information (Form 1095)
Tax Tips for Individuals
- Contribute the maximum to your employer's 401(k) or 403(b) plan
- Contribute to a traditional IRA if eligible — deductible contributions reduce taxable income
- Consider a Roth IRA conversion if you expect to be in a higher bracket in retirement
- Maximize contributions to a Health Savings Account (HSA) if enrolled in a high-deductible plan
- Bunch deductible expenses (medical, charitable) into one year to exceed the standard deduction
- Review withholding on Form W-4 to avoid underpayment penalties
- Make estimated tax payments if you have significant self-employment or investment income
- Keep records of all charitable contributions — cash and non-cash
- Track mileage for medical, charitable, and business purposes throughout the year
- Review your investment portfolio for tax-loss harvesting opportunities before year-end
- Consider deferring income to next year or accelerating deductions into the current year
- Review eligibility for education credits (American Opportunity, Lifetime Learning)
- Check eligibility for the Child Tax Credit and Earned Income Tax Credit
- Keep receipts for home improvements — they increase your cost basis when you sell
- If self-employed, track all business expenses and consider a SEP-IRA or Solo 401(k)
Current Tax Rates
Current rates information provided by IRS
Income Tax Brackets and Rates
2026 Tax Brackets — Income Tax Brackets and Rates
| Rate | Single / MFS | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | Up to $11,925 | Up to $23,850 | Up to $17,000 |
| 12% | $11,926 – $48,475 | $23,851 – $96,950 | $17,001 – $64,850 |
| 22% | $48,476 – $103,350 | $96,951 – $206,700 | $64,851 – $103,350 |
| 24% | $103,351 – $197,300 | $206,701 – $394,600 | $103,351 – $197,300 |
| 32% | $197,301 – $250,525 | $394,601 – $501,050 | $197,301 – $250,500 |
| 35% | $250,526 – $626,350 | $501,051 – $751,600 | $250,501 – $626,350 |
| 37% | Over $626,350 | Over $751,600 | Over $626,350 |
2025 Tax Brackets — Income Tax Brackets and Rates
| Rate | Single / MFS | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 10% | Up to $11,600 | Up to $23,200 | Up to $16,550 |
| 12% | $11,601 – $47,150 | $23,201 – $94,300 | $16,551 – $63,100 |
| 22% | $47,151 – $100,525 | $94,301 – $201,050 | $63,101 – $100,500 |
| 24% | $100,526 – $191,950 | $201,051 – $383,900 | $100,501 – $191,950 |
| 32% | $191,951 – $243,725 | $383,901 – $487,450 | $191,951 – $243,700 |
| 35% | $243,726 – $609,350 | $487,451 – $731,200 | $243,701 – $609,350 |
| 37% | Over $609,350 | Over $731,200 | Over $609,350 |
Standard Deduction & Personal Exemption
The standard deduction reduces your taxable income. Most taxpayers claim the standard deduction rather than itemizing. The personal exemption was suspended through 2025 under the Tax Cuts and Jobs Act.
2026 — Standard Deduction
| Filing Status | Deduction Amount |
|---|---|
| Single | $15,000 |
| Married Filing Jointly | $30,000 |
| Married Filing Separately | $15,000 |
| Head of Household | $22,500 |
| Additional (age 65+ or blind) | $1,600 / $2,000 |
2025 — Standard Deduction
| Filing Status | Deduction Amount |
|---|---|
| Single | $14,600 |
| Married Filing Jointly | $29,200 |
| Married Filing Separately | $14,600 |
| Head of Household | $21,900 |
| Additional (age 65+ or blind) | $1,550 / $1,950 |
Alternative Minimum Tax (AMT)
The AMT is a parallel tax system designed to ensure high-income taxpayers pay a minimum amount of tax. The AMT rate is 26% on income up to the threshold and 28% above it. The exemption phases out at higher income levels.
2026 — AMT Exemptions & Phase-out Thresholds
| Filing Status | Exemption | Phase-out Begins |
|---|---|---|
| Single / Head of Household | $89,925 | $609,350 |
| Married Filing Jointly | $139,850 | $1,218,700 |
| Married Filing Separately | $69,925 | $609,350 |
2025 — AMT Exemptions & Phase-out Thresholds
| Filing Status | Exemption | Phase-out Begins |
|---|---|---|
| Single / Head of Household | $85,700 | $609,350 |
| Married Filing Jointly | $133,300 | $1,218,700 |
| Married Filing Separately | $66,650 | $609,350 |
Earned Income Tax Credit (EITC)
The EITC is a refundable credit for low-to-moderate income workers. Income limits shown as Single / Married Filing Jointly.
2026 — Earned Income Tax Credit
| Qualifying Children | Max Income (Single / MFJ) | Max Credit |
|---|---|---|
| 0 | $18,591 / $25,511 | $649 |
| 1 | $49,084 / $56,004 | $4,328 |
| 2 | $55,768 / $62,688 | $7,152 |
| 3+ | $59,899 / $66,819 | $8,046 |
2025 — Earned Income Tax Credit
| Qualifying Children | Max Income (Single / MFJ) | Max Credit |
|---|---|---|
| 0 | $18,591 / $25,511 | $632 |
| 1 | $49,084 / $56,004 | $4,213 |
| 2 | $55,768 / $62,688 | $6,960 |
| 3+ | $59,899 / $66,819 | $7,830 |
Qualified Business Income (QBI) Deduction
Self-employed individuals and owners of pass-through businesses may deduct up to 20% of qualified business income. For 2026, the threshold begins at $197,300 (Single) and $394,600 (MFJ). For 2025, the threshold begins at $191,950 (Single) and $383,900 (MFJ). Specified service trades or businesses (SSTBs) are subject to additional limitations above the threshold. Consult your tax professional to determine your eligibility.
Child Tax Credit
The Child Tax Credit provides up to $2,000 per qualifying child under age 17. Up to $1,700 of the credit is refundable for 2026 and 2025. The credit phases out at $400,000 (MFJ) and $200,000 (all other filers) at a rate of $50 per $1,000 of income above the threshold.
Annual Exclusion for Gifts
You can give up to $19,000 per recipient in 2026 (up from $18,000 in 2025) without filing a gift tax return. Married couples can combine exclusions to give up to $38,000 per recipient in 2026. The lifetime estate and gift tax exemption is $13.99 million in 2026 ($13.61 million in 2025).
Capital Gains Tax Rates & Brackets (Long-term)
Long-term capital gains (assets held more than one year) are taxed at preferential rates. Short-term gains are taxed as ordinary income.
2026 — Long-term Capital Gains Rates
| Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 0% | Up to $48,350 | Up to $96,700 | Up to $64,750 |
| 15% | $48,351 – $533,400 | $96,701 – $600,050 | $64,751 – $566,700 |
| 20% | Over $533,400 | Over $600,050 | Over $566,700 |
2025 — Long-term Capital Gains Rates
| Rate | Single | Married Filing Jointly | Head of Household |
|---|---|---|---|
| 0% | Up to $47,025 | Up to $94,050 | Up to $63,000 |
| 15% | $47,026 – $518,900 | $94,051 – $583,750 | $63,001 – $551,350 |
| 20% | Over $518,900 | Over $583,750 | Over $551,350 |
Tax Records Retention
Tax records retention guide
When in Doubt, Don't Throw It Out
How long should you keep a document? That depends on the document. The general rule of thumb is to keep tax records for at least three years from the date you filed your original return or two years from the date you paid the tax, whichever is later. However, there are many exceptions to this rule. The following is a general guideline for how long to keep various documents. When in doubt, keep it. The cost of storing a few extra documents is far less than the cost of not having them when you need them.
Permanent Records — Keep Forever
- Tax returns (federal and state)
- W-2 forms (keep until you begin receiving Social Security benefits)
- Year-end brokerage statements
- Records of selling a house
- Records of selling stock
- Retirement account records (contributions, conversions, distributions)
- Business formation documents
- Legal documents (wills, trusts, deeds, titles)
- Birth certificates, marriage certificates, divorce decrees
- Military discharge papers
- Social Security cards
Keep 7 Years
- Supporting documents for tax returns (receipts, canceled checks, 1099s)
- Records of deductible expenses
- Business income and expense records
- Records of property improvements (until sold, then 7 years)
- Investment purchase records (until sold, then 7 years)
- Bank statements and canceled checks
- Records of bad debts written off on your return
Keep 4 Years
- Employment tax records
- Records of taxes withheld from employees
- Records of employer FICA contributions
Keep 3 Years
- Medical bills (in case of medical deduction)
- Utility records
- Expired insurance policies
- Miscellaneous receipts for items that may be deductible
Keep 1 Year
- Pay stubs (until reconciled with W-2)
- Monthly bank and credit card statements (until reconciled)
- Monthly brokerage statements (until reconciled with year-end statement)
- Monthly mortgage statements (until reconciled with year-end statement)
Personal Documents to Keep Forever
- Birth and death certificates
- Marriage and divorce certificates
- Adoption papers
- Military discharge papers (DD-214)
- Passports (expired — keep for reference)
- Social Security cards
- Immunization records
- Life insurance policies
Home & Property Records
- Purchase and sale documents for your home
- Records of all home improvements (keep until sold + 7 years)
- Mortgage documents and refinancing records
- Property tax records
- Home warranty documents (while active)
- Receipts for major appliances and systems
Business Records to Keep Forever
- Articles of incorporation / organization
- Corporate bylaws and operating agreements
- Board minutes and resolutions
- Business licenses and permits
- Contracts and leases (while active + 7 years)
- Patents, trademarks, and copyrights
- Pension and retirement plan records
Business Records — Keep 7 Years
- Accounts payable and receivable ledgers
- Cancelled checks for important payments
- Cash receipts and disbursement journals
- Employee expense reports
- General and subsidiary ledgers
- Inventory records
- Invoices to customers and from vendors
- Notes receivable ledgers
- Payroll records and summaries
- Purchase orders
- Sales records
- Time sheets
- Travel and entertainment records
- Vouchers for payments to vendors and employees
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