Top earners will forfeit 401(k) tax benefits due to significant retirement rule changes beginning in 2026.
A widely-used tax benefit allowing workers close to retirement to make extra contributions will undergo changes next year, limiting access for certain high earners. Recently, the IRS released new guidelines linked to the 2022 legislation, the SECURE 2.0 Act. Starting in the 2026 tax year, individuals with gross incomes of $145,000 or more will be […]
Ohio residents on Obamacare may face increased health costs or loss of coverage if tax credits end.
Many people in Ohio depend on health insurance. If the federal tax credit were to expire, it could lead to a significant hike in premiums or even loss of coverage. Right now, enhanced premium tax credits are a key issue amidst the ongoing government shutdown, with over 24 million individuals, including 583,000 in Ohio, relying […]
Bernie Sanders introduces a ‘robot tax’ in response to AI job risks
Democrats Propose ‘Robot Tax’ Amid Job Replacement Fears A recent Senate report raises alarms regarding the potential impact of artificial intelligence on the job market, suggesting that nearly 100 million jobs in the U.S. could be at risk in the next decade. In response, some Democrats are advocating for a “robot tax” on businesses that […]
New rules eliminate 401k catch-up tax benefit for high earners beginning in 2026
Changes to 401(k) Contributions for High Earners A notable tax benefit for those approaching retirement—specifically the ability to make additional contributions—will see some changes next year, particularly affecting higher-income individuals. Recently, the IRS implemented new guidelines connected to the SECURE 2.0 Act from 2022. Starting in tax year 2026, individuals earning over $145,000 in the […]
IRS unveils income tax brackets and standard deductions for 2026; here’s what’s different
IRS Announces New Tax Brackets and Deductions for 2026 The Internal Revenue Service (IRS) has released updated federal income tax brackets and standard deductions for the year 2026, which may offer some relief to taxpayers getting ready for next year’s filings. Typically, the IRS makes these adjustments in October or November to address “bracket creep.” […]
Effects of Trump’s bill: Discover updated deductions and tax rates for 2026
IRS Announces New Tax Brackets and Deductions for 2026 The IRS has shared updated tax brackets and standard deduction amounts for the 2026 tax year. This update reflects changes from a significant domestic policy bill advocated by President Donald Trump and Congressional Republicans earlier this year. Most of these changes, which are intended to be […]
High-income earners may soon forfeit a tax benefit due to this 401(k) change.
Major changes are on the horizon for 401(k) plans that could affect tax breaks for high-income earners, according to experts. As we look toward 2025, employees will have the opportunity to defer up to $23,500. For those aged 50 and above, there’s an extra $7,500 allowed, labeled as a “catch-up contribution.” Interestingly, for individuals aged […]
IRS reveals 2026 tax updates including increased standard deductions and tax brackets
The IRS revealed its annual adjustments for various tax provisions on Thursday, which also reflect changes made under the One Big Beautiful Bill Act (OBBBA). These adjustments will be effective for the tax year 2026. For that year, the standard deduction is set to rise to $16,100 for single filers and $32,200 for couples filing […]
IRS unveils 2026 tax brackets: Where do you fit in?
Millions of Americans might experience a financial uplift due to an inflation adjustment to the tax code recently revealed by the IRS. The changes, which relate to rising costs for food, rent, gas, and other things, will take effect starting with the 2026 tax year, meaning they’ll apply to returns submitted in 2027. For instance, […]
IRS announces income tax brackets and standard deductions for 2026
Impact of New Spending Law on Taxes The IRS adjusts income limits for federal tax brackets annually, considering inflation. This change could offer some financial relief for Americans when they file their taxes in the coming year. Typically, these adjustments happen around October or November, aiming to prevent what’s known as “bracket creep.” This issue […]