The countdown to tax day is on, and several changes could impact your return this year. Retirement contribution limits are higher. Standard deductions have increased. And updated tax credits could save you money, if you know where to look.
Experts say double-checking your options this year could save you real money.
Start with retirement savings. If you contribute to a 401k, 403b, or 457 plan, you can put away more in 2026. The contribution limit is now $23,000, with an extra $7,500 if you’re 50 or older. There are also new benefits specifically for older Americans.
“The one that we hear the most about is the additional senior deduction. That’s 6,000 dollars per person,” said Joel Garris, president of Nelson Financial Planning.
If you are over the age of 65, you qualify.
“It applies regardless of whether you’re collecting social security or not,” said Garris.
The standard deduction has also gone up, which could lower what many Americans owe.
For 2026 filing:
- Single filers: About $14,600
- Married couples: About $29,200.
And for workers who earn extra on the job …
“The no tax on tips. That allows you to deduct up to $12,500 per person,” explained Garris.
And for growing families, for every child born between 2025 and 2028, you can set up an account with one thousand dollars from the federal government.
If you have a side hustle or freelance income, make sure you report it.
Anything over $400 must be declared, and more digital payment apps are now tracked by the IRS.
One more thing, some purchases could also bring tax benefits. If you bought a new car that was made in the U.S. and is less than 14,000, you can save up to $10,000 on interest.
If you’re not sure where to start, the IRS offers free filing help for many taxpayers and free online tools to check credits and deductions. Go to irs.gov to get started.