MIDWEST Tax Group, Inc.

09/15/2026

The annual federal gift tax exclusion for 2026 is $19,000. It is projected to be between $19,000
to $20,000 per recipient for 2027. The IRS will confirm the total exclusion amount by late 2026.
The lifetime exemption starts at $15 million and will be adjusted for inflation.

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09/08/2026

The USDA has announced its annual adjustments to the Child and Adult Care Food Program
(CACFP) payment and reimbursement rates, effective July 1, 2026 - June 30, 2027. For Tier 1
day care homes in contiguous states, the 2026-27 rates are $1.74 breakfasts, $3.31 lunch or
supper, and $0.98 for each snack. Tax law allows the deduction of up to 3 snacks per day per
child, even though food program does not. These adjustments reflect changes in the consumer
price index.

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09/03/2026

Tax tip for the 2026 filing season: Effective for the 2026 filing season, the threshold for issuing a 1099-NEC jumps from $600 to $2,000. You must issue an unincorporated independent
contractor or vendor a Form 1099 when your trade or business pays $2,000 or more for services during the calendar year.
RECOMMENDATION: Make sure to collect a completed W-9 form BEFORE you make the payment. Sometimes it is hard to collect one after the payment has already been made.

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08/25/2026

The Treasury said in a recent news release that FinCEN is issuing a final rule permanently
removing the requirement for U.S. companies and U.S. persons to report beneficial
ownership information (BOI) to FinCEN under the Corporate Transparency Act, Title 64 of
P.L. 116-283. For those who already complied with the requirement, their information will
be removed from the BOI database. We are thrilled that this is no longer a burden for the
small businesses that we work with!

08/19/2026

September is Library Card Sign-Up Month, and we have a fun surprise! 🎉

All month long, you can show your library card to save money. We teamed up with great local businesses to give you special deals. You get these discounts just for having a Tri-Township Public Library card! 📚✨

Look at the flyer to see all the great places you can save. Do you need a new card or want to renew yours? Come to the library to sign up so you can start saving!

A huge thank you to our amazing local partners:
The Happy Elephant
MIDWEST Tax Group, Inc.
Broadway Restaurant Group - Burger King
Troy Car Care
Market & Main
Lilly’s Thrift Store
City Scoops Creamery
Repair-O-Tech

08/18/2026

Tax tip for the 2026 filing season. Have you heard about the Trump Accounts for Children? You can jumpstart your child's financial future by opening an Individual Retirement Account for U.S. citizens under the age of 18. There will be a $1,000 initial contribution by the government for every American child with an account who was born between 2025 and 2028 with an optional $5,000 a year that you can deposit.

08/11/2026

Tax tip for the 2026 filing season: The senior deduction is still around for this tax season. The senior deduction is for taxpayers 65 and older and is $3,000 for single filers and $6,000 for married filing jointly. There are gross income phase outs of $75,000 for single filers and $150,000 for joint filers.

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07/28/2026

Did you know that the standard mileage rate for 2026 was increased beginning July 1, 2026? There hasn't been a mid-year adjustment for the standard mileage rate since 2022.

Beginning July 1, 2026, the standard mileage rate increases from $0.725 per mile to $0.76 per mile. That means we will need your miles from 1/1/2026 - 6/30/2026 and your miles from 7/1/2026 - 12/31/2026 when preparing you 2026 tax return.

07/07/2026

Tax tip for the 2026 filing season: Did you know that you can now claim up to $2,000 of charitable contributions for a married filing joint tax return ($1,000 for a single return) without itemizing deductions (filing long form Schedule A)? Keep track of all your cash, check and/or credit card donations and receipts to qualified charities this year to minimize your tax!