Renaissance Wealth Management Group of Texas

Homeownership can bring added considerations during tax season.

As the IRS begins accepting 2026 tax returns, homeowners may be reviewing whether to itemize deductions or take the standard deduction. Depending on individual circumstances, certain expenses tied to owning a home may still be eligible for tax treatment under current rules, including mortgage interest and property-related costs.

Because tax situations vary, it may be helpful to review what applies to you before filing.

If you have questions about how these items show up in your overall financial picture, feel free to reach out. For specific tax guidance, it’s best to connect directly with your qualified tax professional. I’m happy to coordinate with them to ensure your financial strategy is aligned.



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Are you a homeowner? Here are some of the tax deductions you might qualify for this tax season. It will mostly be business as usual for homeowners this tax season. However, new changes introduced under the "big, beautiful bill" may affect how they file.

Ahead of the 2026 tax season, the IRS announced a leadership shake-up and internal changes as the agency prepares to begin processing millions of returns.

Updates like these can matter because IRS operations affect more than just when a return is filed — they can also influence processing timelines, customer service capacity, and how issues like identity verification or error resolution are handled during peak season.

It’s also a reminder that filing season is shaped by more than tax rules alone. Staffing levels, technology systems, and agency priorities can all affect how smoothly returns are processed and how quickly taxpayers receive responses when questions arise.

For many households, staying informed about these operational shifts can help set expectations for the filing process this year.



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IRS head announces a shake-up on the eve of the 2026 tax season The head of the IRS is announcing a shake-up he says will improve taxpayer service and modernize the agency.

Money is one of the top sources of tension in relationships — but experts say even strong couples can stumble if they avoid key conversations.

After studying more than 60 couples, money expert Heather Boneparth found that the happiest partners share five habits:

1. They adapt when circumstances change, rather than sticking to outdated money routines.

2. They don’t dwell on financial regrets or let shame define their decisions.

3. They avoid holding past mistakes over each other’s heads.

4. They focus on shared priorities instead of constant comparison.

5. They stay honest about spending and goals, building trust through transparency.

The takeaway? Communication matters as much as cash flow. Open conversations can help partners align values and expectations — and reduce unnecessary stress around money.


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The most successful couples never let these 5 money mistakes ruin their relationship, says expert "You can love each other deeply and still allow money to erode your relationship if you're talking about the wrong issues, or not talking at all," writes money expert Heather Boneparth.

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

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

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

When the One Big Beautiful Bill (OBBB) Act was passed on July 4, the legislation left several unanswered questions that the IRS is now addressing. The IRS undergoes this process every year, but this time around, the OBBB has added to the uncertainty. Here’s what the 2026 Federal income tax brackets will look like.

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

The IRS has announced updated federal income tax brackets and deductions for 2026, reflecting inflation adjustments.

For married couples filing jointly, the standard deduction rises to $32,200, up from $31,500 in 2025. Single filers can now claim $16,100, an increase from $15,750. The top 37% tax rate applies to income above $768,700 for joint filers and $640,600 for individuals.

The agency also raised thresholds for long-term capital gains, estate tax exemptions, and eligibility for the earned income tax credit. These updates will apply to 2026 income for returns filed in 2027.


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IRS announces new federal income tax brackets for 2026 The IRS has announced higher federal income tax brackets and standard deductions for 2026. Here's what taxpayers need to know.

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

Own a business or earn consulting income on the side? Now's the time to review retirement account options for 2025.

September is a smart time to revisit whether a Solo 401(k) or SEP IRA makes sense, especially for anyone with side jobs or freelance income.

Why now?
Because accounts must be established by year-end in order to make contributions for the 2025 tax year.

A few key reminders:

🔹 Solo 401(k)s offer higher contribution potential for owner-only businesses, especially when income is strong.

🔹 SEP IRAs are simpler to set up but may be less flexible in terms of employee participation or catch-up contributions.

🔹 Both can be powerful tools for managing taxable income and building long-term wealth in a tax-advantaged way.

For anyone looking to be proactive before year-end, a retirement account review might help uncover opportunities.

Once you reach age 73, you must begin taking required minimum distributions from a SEP-IRA, Solo 401(k), and most other retirement plans. Withdrawals are taxed as ordinary income and, if taken before age 59½, may be subject to a federal income tax penalty.

September is a good time to get ahead of Required Minimum Distributions (RMDs) and charitable considerations before year-end hits.

Some things to consider:

👉 Qualified Charitable Distributions (QCDs): Individuals age 70½+ can direct traditional IRA distributions to qualified charities, managing taxable income while fulfilling RMD requirements.

👉 RMD timing: Avoid last-minute distributions and potential penalties by confirming that RMDs are on track and aligned with broader financial goals.

September offers a valuable window to review strategies, make adjustments, and act while there's still time to strategize, not just react.

Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.