Taxes by Tiffany, LLC

09/10/2026

1099 Reporting Changes for 2026

• Form 1099-NEC: The reporting threshold for payments for services increased from $600 to $2,000 for payments made in 2026.

• Form 1099-K: For third-party payment apps and online marketplaces, the federal reporting threshold is now more than $20,000 in payments AND more than 200 transactions during the year.

• Important: These reporting thresholds do not determine whether income is taxable. If you earn income from your business or services, you still need to report it, even if you don’t receive a 1099.

• Keep good records! Don’t rely solely on the 1099 you receive (or don’t receive) to determine what belongs on your tax return.

As always, every tax situation is different. If you have questions about how these new rules apply to you, I’m happy to help!

Tiffany Costigan, EA, NTPI Fellow

08/20/2026

IRC § 530A – “Trump Accounts” for Children

Beginning in 2026, IRC § 530A creates a new type of savings account, officially known as a “Trump Account,” for eligible children.

• An eligible child generally must not have attained age 18 before the end of the calendar year in which the election is made.

• Eligible children who are U.S. citizens born after December 31, 2024, and before January 1, 2029, may qualify for a one-time $1,000 contribution from the U.S. Treasury.

• A separate private initiative has pledged an additional $250 contribution for eligible children. This is separate from the federal $1,000 Treasury contribution.

• Family members and others may contribute up to $5,000 per year before the child turns 18, subject to IRS rules.

• Funds generally remain invested until the child reaches age 18, except in limited circumstances.

• Contributions grow tax deferred, and special rules apply to withdrawals.

As always, every tax situation is different. If you have questions about how these new rules apply to you, I’m happy to help!

Tiffany Costigan, EA

08/13/2026

BOI Reporting Update

Big news for small business owners! FinCEN has permanently ended Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act.

Key points:
• U.S. companies and U.S. persons are now exempt from BOI reporting.
• FinCEN will delete previously reported information submitted by U.S. persons.
• U.S. persons with FinCEN IDs will no longer need to update or correct that information.
• Certain foreign entities are still subject to BOI reporting requirements.

This is a significant change for millions of small businesses. If you previously filed a BOI report, you should no longer have an ongoing reporting obligation as a U.S. company or U.S. person.

As always, I’ll keep you posted as additional guidance is released.

07/30/2026

Charitable Contribution Deduction for 2026

Beginning in 2026, even if you don’t itemize your deductions, you may still be able to deduct cash charitable contributions on your federal tax return.

• Single filers may deduct up to $1,000 in qualifying cash contributions.

• Married couples filing jointly may deduct up to $2,000 in qualifying cash contributions.

• Contributions must be made to qualified charitable organizations.

• Donations made directly to individuals do not qualify.

• Be sure to keep documentation of your contributions with your tax records.

As always, every tax situation is different. If you have questions about how these new rules apply to you, I’m happy to help!

Tiffany Costigan, EA

07/22/2026

Just a reminder!

I hope everyone is enjoying their Summer! I’ll be out of the office 7/24 - 7/31 and returning 8/3. Thank you!

07/16/2026

📢 Business Mileage Update – Effective July 1, 2026

The IRS has updated the business standard mileage rate effective July 1, 2026.

If you’ll be claiming the standard mileage rate deduction for business use of your vehicle, please be sure to track your mileage as follows:

• If your vehicle is used exclusively for business:
• Business miles driven from January 1 – June 30, 2026
• Business miles driven from July 1 – December 31, 2026

• If you use your personal vehicle for both personal and business purposes:
• Total miles driven from January 1 – December 31, 2026
• Business miles driven from January 1 – June 30, 2026
• Business miles driven from July 1 – December 31, 2026

The standard business mileage rate increased from 72.5 cents per mile to 76 cents per mile effective July 1, 2026. Tracking your mileage this way will help ensure your deduction is calculated accurately at tax time.

07/16/2026

I hope everyone is enjoying their Summer! I’ll be out of the office 7/24 - 7/31 and returning 8/3. Thank you!

04/12/2026

04/12/2026

As this tax season comes to a close, I would like to thank my new and returning clients for another great season. I appreciate each and every one of you.

I will be out of the office April 16 through April 19 and will return on April 20. Office hours will be Monday through Thursday by appointment.

Thanks again for your support, it truly means so much!

03/29/2026

: The filing deadline is less than a month away. Don't let your clients wait until the last minute! If they need more time to file, request an extension from the : www.irs.gov/extensions