Streetman Tax Services

09/10/2026

We are coming up on a few important federal deadlines next week. Third-quarter 2026 estimated tax payments, Partnership and S corporation tax returns that received valid six-month extensions**, and payroll taxes for employers who follow the monthly deposit rule are all due Tuesday, September 15, 2026.

For those that received a valid six-month extension for personal tax returns- you have a little over a month left**. The due date for those returns is October 15, 2026. It would be a good time to get those documents to your tax preparer and/or answer any emails they may have sent you.😀

**You may qualify for additional time to file your various federal individual and/or business tax returns due to the disaster declaration issued by FEMA. For more information contact your trusted tax professional or visit

MS-2026-03, Aug. 7, 2026 — The Internal Revenue Service announced today tax relief for individuals and businesses in Mississippi affected by Tropical Storm Arthur that began on June 18, 2026.

07/16/2026

The IRS has revised the standard mileage rates for the second half of 2026 due to recent increases in fuel prices. The business mileage rate increases from 72.5 cents per mile to 76 cents per mile, but charitable miles remain the same. The updated rate applies to deductible transportation expenses paid or incurred on or after July 1, 2026. This means you will have one rate for January 1-June 30 and another for July 1-December 31, 2026.

Go work on that mileage log, and as always, if you have any questions you should reach out to your tax professional.

05/21/2026

Looking for a deduction for 2026? Non-itemizers can take up to $1,000 ($2,000 for MFJ) deduction for cash contributions to qualifying charities for 2026. For taxpayers who itemize, the existing 60% of AGI cap for cash contributions to qualifying charities has been extended permanently.

12/31/2025

The IRS announced the 2026 standard mileage rates for 2026. Beginning January 1, 2026, the business standard mileage rate increases to 72.5 cents per mile, up 2.5 cents from 2025. The standard mileage rate for medical travel decreases to 20.5 cents per mile, down 0.5 cents, while the charitable mileage rate remains 14 cents per mile because it is set by statute.The mileage rate for qualified moving expenses is 20.5 cents per mile. (Those who qualify-see your tax professional).

Remember, you must choose between the standard mileage rate and the actual vehicle expenses, but both require proper documentation. As always, see your tax professional to determine which one is best for you.

12/10/2025

Giving cash, check or cash equivalent bonuses out to your employees this year? That's great, you are a wonderful boss! Just a reminder that those type bonuses are considered taxable income and will be taxed as such. Happy gifting!

12/02/2025

It's so what does that mean for taxes? For tax year 2025 charitable cash contributions as an itemized deduction are limited to 60% of the taxpayers AGI (normally). Charitable contributions made to a qualifying organization are not limited to this percentage. As always, there are conditions to qualify the contribution as deductible and you should seek guidance from your tax professional. The big changes take effect for tax year 2026.

Be diligent when donating cash and assets to charitable organizations. A quick search to see if the organization is legit can save you a lot of headache later on

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11/26/2025

Streetman Tax Services will be closed Wednesday, November 26,2025 through Friday, November 28, 2025. Hope you all have a wonderful Thanksgiving holiday!

10/30/2025

Charitable deductions will be permanently reinstated as a below the line deduction for nonitemizers for up to $1,000 ($2,000 on a joint return), but not until 2026. Of course it comes with stipulations, so call or email your tax professional for details and to start tax planning for 2026.

10/02/2025

Individual tax returns that filed extensions are due October 15, 2025. While the IRS has plans in place during a government shutdown, none of them (I do not care what you heard on TikTok) include a further extension of time to file your return. the prevailing tax law remains in effect as of now.

09/10/2025

This is your reminder that not only are tax returns due for extensions filers of S Corps, Partnerships and Multi-member LLCs, third quarter estimated tax payments are due on September 15, 2025 also. Monday is right around the corner......