Important Tax Changes to Know for the 2026 Filing Season
As we usher in 2026, tax season is fast approaching, bringing several notable changes that taxpayers—especially retirees—should be aware of before filing their returns. According to Jon Gustafson of Venn Tax and Bookkeeping in Blaine, these updates could impact the deductions and benefits available for the upcoming tax year.
Additional Standard Deduction for Seniors
One of the most significant updates targets taxpayers aged 65 or older by December 31, 2025. Seniors filing their 2026 taxes will be eligible for an increased standard deduction. For single filers who meet this age criterion, the additional deduction amounts to $6,000, while married couples filing jointly can claim up to $12,000 extra. This adjustment is designed to help retirees reduce their taxable income and potentially lower their tax liability.
Expanded Deduction for Charitable Contributions
Another important change that benefits all taxpayers—not just seniors—is an increase in the amount deductable for charitable contributions when taking the standard deduction. Tax filers who opt for the standard deduction can now deduct up to $1,000 for charitable donations if filing individually. For married couples filing jointly, the cap rises to $2,000. This initiative aims to encourage charitable giving by offering more meaningful tax relief without the need to itemize deductions.
Social Security Cost-of-Living Adjustment
Social Security recipients will also see a positive change for 2026. The Social Security Administration has announced a 2.8% cost-of-living adjustment (COLA), reflecting increases in living expenses. This adjustment usually translates into a higher monthly benefit amount for retirees and others receiving Social Security benefits, helping them keep pace with inflation.
Key Tax Dates
It is important to remember that the deadline for submitting federal income tax returns remains April 15, 2026. Taxpayers should prepare to file by this date to avoid penalties and ensure timely processing.
Preparing for Tax Season
With these updates in mind, retirees and other taxpayers alike are encouraged to review their tax documents carefully and consider consulting a tax professional to maximize available deductions and credits. Staying informed about these changes can help ensure a smoother and potentially more advantageous tax filing experience.
For more detailed information and related updates, visit KSTP.com or consult trusted tax advisors as the 2026 tax season approaches.