Stephenson Accountancy Corporation

09/26/2026

Early estimates for the 2027 Social Security cost-of-living adjustment have moved lower as inflation moderates.

New projections suggest the 2027 COLA may fall between 3.4% and 3.6%.

The official adjustment has not been announced yet. The final number will depend on inflation data for July, August, and September.

Social Security COLAs are calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W.

July data showed CPI-W rose 3.4% over the past 12 months. The broader consumer price index also rose 3.4% year over year.

One estimate from AARP suggests a 3.5% COLA would raise the average retired worker’s benefit by about $73 per month.

For retirees and near-retirees, the COLA is an important reminder that inflation can affect income, purchasing power, household expenses, and long-term financial decisions.


Source:

New estimates show just how much Social Security benefits may increase in 2027, based on new government inflation data.

09/11/2026

09/07/2026

Happy Labor Day! 🛠️
Today, we take a moment to recognize and appreciate the hard work of individuals across the nation.

Whether you're relaxing at home or enjoying a well-deserved day off, I hope you're able to recharge and enjoy this special day.

To the builders, creators, and doers: Happy Labor Day!

06/16/2026

Tax reminder! Your second-quarter estimated income tax payment is due on June 16, 2026.

If you're self-employed or earn income that isn't subject to withholding, now is the time to make sure your payment is on track. Don't wait until the last minute—a missed or underpaid estimated tax payment can mean penalties come filing season.

Not sure how much to pay? A good rule of thumb is to pay at least 90% of what you'll owe this year, or 100% of last year's tax liability—whichever is smaller. If you want more specific information, check with your tax, legal, or accounting professional.

01/14/2026

Thinking about solar, EVs, or energy-efficient upgrades?

Several energy tax credits expire under the One Big Beautiful Bill Act including:
🚗 Clean vehicle credit
🏠 Residential clean energy credit
🔋 Energy-efficient home improvement credit

The IRS has published FAQs to help with eligibility and phase-out timelines.

Call for more information, but don’t make any changes until you speak with your tax, legal, or accounting professional.



Source: IRS.gov, September 16, 2025

01/12/2026

Starting in 2026, eligible taxpayers may deduct:
🔹Up to $25,000 in reported tips
🔹Up to $12,500 in overtime compensation ($25,000 if married filing jointly)

These deductions phase out for higher-income taxpayers.

Call for more information, but don’t make any changes until you speak with your tax, legal, or accounting professional.



Source: IRS.gov, September 10, 2025

01/10/2026

The One Big Beautiful Bill Act increases the Child Tax Credit to $2,200 per eligible child.

Other updates to the Child Tax Credit include:
➡️ The credit will be adjusted for inflation in future years
➡️ A valid Social Security number is required for the child
➡️ For joint filers, at least one spouse must have a valid SSN

These updates aim to clarify eligibility and streamline administration.

Call for more information, but don’t make any changes until you speak with your tax, legal, or accounting professional.



Source: IRS.gov, September 10, 2025

01/08/2026

Don’t itemize? In 2026, you can deduct cash donations to charity.

You can deduct up to:
🔹$1,000 if filing single
🔹$2,000 if married filing jointly

Donations must be made in cash and sent to qualified organizations. This is a new option for giving back while managing taxable income without requiring itemization.

Call for more information, but don’t make any changes until you speak with your tax, legal, or accounting professional.



Source: IRS.gov, May 30, 2025

01/06/2026

Recent tax legislation imposed by President Donald Trump and enacted by the One Big Beautiful Bill Act is at the heart of the increase, the White House said.

01/06/2026

Under the One Big Beautiful Bill Act, the standard deduction might impact your upcoming tax filing.

The updated standard deduction amounts for 2026 will be:
▪️$32,200 for married filing jointly
▪️$24,150 for head of household
▪️$16,100 for single or married filing separately

Call for more information, but don’t make any changes until you speak with your tax, legal, or accounting professional.



Source: IRS.gov, September 10, 2025