Virtue Accounting

Not ready to file your personal return (aka Form 1040) just yet?

The deadline (for most taxpayers) to file your extension this year is April 15th! 📆

But before you extend and call it a day, make sure you know this: if you owe any taxes, they’re still *due* on April 15th.

But how do I know how much to pay in taxes if I haven’t filed my return?

Really good question! Swipe for my tips on how to get a decent estimate of your extension payment. ➡️

So, you owe taxes this year... boo! ☹️

The question now is, how do you actually pay your tax bill?

A few of the most common ways are to pay via IRS Direct Pay, withdrawal from your bank account when you file your return, use EFTPS, mail a check or money order, wire, or pay via debit or credit card.

Keep in mind, if you owe taxes, the IRS considers your payment late if it’s received after the original tax filing due date (even if you file an extension). 📆

It sounds like I’m asking for alphabet soup when I talk about which forms I need to file a return, but there are some EVERY taxpayer really *should* know.

Even if you aren’t a tax accountant, know these:

✨ Form 1040: Your main tax return form! It’s where all your income, credits, and refund (or amount owed) are reported.

✨ Form W-2: From your employer, it shows your wages, taxes withheld, and benefits for the year.

✨ Form 1099-NEC: If you’re self-employed, this form reports your non-employee compensation for services you provided during the year.

✨ Form 1099-INT: From your bank/financial institution, this form shows the amount of interest you earned.

✨ Schedule A: Part of your Form 1040, this schedule details the amount of each of your itemized deductions (if applicable).

✨ Form 1095-A: Used to report information if you have insurance coverage through the Health Insurance Marketplace, your accountant will need this!

I’m accepting new clients for the 2026 filing season. Click the link in my bio to have me file your return for you! 🔗

I’m not trying to be dramatic... but *this* guide might just save your sanity this tax season.

The key to an stress-free tax season is staying organized, and it starts with my FREE Personal Tax Organizer.

No more wondering “what am I still missing?” on April 15th.

As tax documents start hitting your inbox + mailbox, this guide walks you through:

→ Checking off what you’ve received

→ Marking N/A for anything that doesn’t apply

→ Keeping everything in one place for your accountant

Want to get your hands on a copy?! Comment “TAX” and I’ll send you the link! 🔗

It takes two seconds to check the box on your filing status, but it’s not something to take lightly...

Your filing status has a MASSIVE effect on how your tax return is calculated!

Filing status can be incredibly nuanced; you don’t want to choose a status that you don’t actually qualify for.

That’s why the easiest way to choose the best filing status for you is to work with a tax professional who truly understands your unique tax situation!

If you aren’t working with a tax professional, I’d love to connect!

It takes two seconds to check the box on your filing status, but it’s not something to take lightly...

Your filing status has a MASSIVE effect on how your tax return is calculated!

Filing status can be incredibly nuanced; you don’t want to choose a status that you don’t actually qualify for.

That’s why the easiest way to choose the best filing status for you is to work with a tax professional who truly understands your unique tax situation!

If you aren’t working with a tax professional, I’d love to connect!

If you’re interviewing tax accountants right now, make sure you ask these questions:

→ What’s included in your tax preparation fee, and what services are add-ons?

Not every firm has all-inclusive pricing. If you have multiple businesses or income from multiple states, you’ll want to understand *exactly* how much that’s going to cost you.

→ How do you prioritize tax returns, and how do you communicate the status of my return?

A lot of accountants work on a first-come, first-serve basis, but some are moving towards a scheduled return date. 📆

Getting expectations straight early can help you avoid frustration later on in tax season!

→ What kind of support do you offer after my return is filed?

In my opinion, *every* taxpayer needs more than just tax preparation.

Ask about whether your accountant offers tax planning services, support for IRS + state notices, and one-off tax consulting meetings (spoiler: Virtue Accounting does all three!).

The IRS released the inflation-adjusted 2026 standard deductions, and here’s what you need to know: ↓

💰 If your filing status is single OR married filing separately, your standard deduction is $16,100.

💰 If your filing status is married filing jointly OR surviving spouse, your standard deduction is $32,200.

💰 If your filing status is head of household, your standard deduction is $24,150.

So, what does this amount *actually* mean for you?

If you take the standard deduction, this amount is automatically deducted from your taxable income (aka it lowers your taxes).

But wait... there’s more!

Certain taxpayers (like those who are 65+ or legally blind) can qualify for extra standard deduction amounts.

Follow so you don’t miss any 2026 tax updates!

With the One Big Beautiful Bill came some changes to the reporting thresholds for 1099-NEC and 1099-MISC… but here’s why I’m already predicting a TON of confusion:

They don’t actually kick in until tax year 2026 (for the returns you’ll file in early 2027)!

Right now, it’s the same old rule you’ve already known: if you pay a non-employee or certain vendors $600 or more in 2025, you need to issue the appropriate 1099.

But starting for payments made in 2026, that threshold jumps to $2,000.

Meaning? You’ll only need to send a 1099-NEC or 1099-MISC if your total payments to a recipient for the year hit $2,000 or more!

Here’s the key takeaway I want you to have from this post: ↓

You should ALWAYS be tracking your payments by vendor, but come the 2026 tax year, you may not have to send out as many 1099s.

This is the #1 thing you need to be doing to protect deductions in case of an audit: KEEP YOUR RECEIPTS!

A Google Drive folder full of receipts (scan your physical ones!) is a great system.

Even better, attach receipts for unusual or large purchases to the transaction in your bookkeeping software!

If you don’t have a receipt for a transaction, the IRS may accept alternate substantiation like invoices, bank statements, mileage logs, email confirmations, check registers, and calendar entries.

Let’s break down some of the things you need to know if you’re working in a “traditionally tipped” position:

Qualified workers can:

→ Deduct up to $25,000 of their qualifying tips

→ Claim this deduction starting with qualified tips earned in 2025 through 2028

A few more things you need to know:

One, you’ll still pay Social Security + Medicare taxes on those tips even if you claim this deduction.

And two, this deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 filing jointly).

If you earn tips, I highly recommend working with a qualified tax professional to ensure you understand how much you’re qualified to deduct!

Looking for a new tax accountant? Click the link in my bio to schedule a quick intro call. 🔗