The 2026 tax law changes make mid-year planning especially important this year. Summer may not feel like tax season, but it is one of the best times to plan ahead. By now, you have several months of income, expenses, and business activity to review. That gives us a clearer picture than we had in January. As your CPA, my goal is simple. I want you to avoid surprises. I also want you to have what you need to be able to make informed decisions before deadlines arrive.
Start With Your Withholding and Estimated Taxes
If your income has changed this year, your tax payments may need attention. This includes raises, bonuses, self-employment income, investment gains, and retirement distributions, all of which may be affected with the 2026 Tax Law Changes. Business owners should also review estimated tax payments. Waiting until December can limit your options. A quick summer review can help reduce penalties and cash flow stress.
Review the Higher Standard Deduction
For 2026, the standard deduction is increasing again. The IRS announced $32,200 for married couples filing jointly. It also announced $16,100 for single filers and married taxpayers filing separately. Heads of household will have a $24,150 standard deduction. These higher amounts may change whether itemizing makes sense. Charitable giving, mortgage interest, medical expenses, and state taxes should still be reviewed based on the context of the 2026 Tax Law Changes. The right solution depends on your full picture.
Look at Your Tax Bracket Before Year-End
The tax rates are familiar, but the income thresholds have moved. That means your income may be taxed differently in 2026. It also means planning could save real money. For example, timing income and deductions can matter. So can retirement contributions, bonus payments, equipment purchases, and capital gains. These decisions are easier when we discuss them before December. If you own a business, summer is a great time for a tax projection. We can review revenue, payroll, owner draws, and deductible expenses. We can also look at retirement plans and entity structure. Do not wait until you have already spent the money. Tax planning works best before major purchases or year-end bonuses. That is when we can compare options thoughtfully.
Estate and Gift Planning Deserves Attention
With the new 2026 Tax Law Changes, the 2026 estate tax basic exclusion amount is scheduled at $15 million. That is a significant planning figure. Still, estate planning is not only for the very wealthy. Families should review wills, trusts, beneficiaries, and gifting goals. Business owners should also think about succession planning. A few conversations now can prevent confusion later.
Let’s Use Summer Wisely
You do not need to become a tax expert. That is my job. But you do need to share changes early. New jobs, new businesses, home purchases, investment sales, and family changes can all affect your tax picture. If we talk now, we can make a plan while there is still time to act. That is far better than reacting after the year has ended. Summer planning can help you feel prepared, organized, and confident.
If you have questions about how the 2026 tax changes may affect you, please reach out. I am happy to review your situation and help you plan the next smart step.