2026 Tax Rate Laws
Here is a quick guide to this year’s tax rate laws compared to the previous year.
2025 |
2026 |
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| Business Standard Mileage Rate | 70 cents per mile | 72.5 cents per mile | |
| Maximum Wages Subject to Social Security | $176,100 | $184,500 | |
| Estate Tax Exemption | $13,990,000 | $15,000,000 | |
| Gift Tax Exclusion | $19,000 | $19,000 | |
| Equipment Expensing Deduction | $1,250,000 | $2,500,000 | |
Maximum Retirement Plan Contributions |
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| IRA for Those Under 50 | $7,000 | $7,500 | |
| IRA for Those Over 50 | $8,000 | $8,600 | |
| SIMPLE Plan for those Under 50 | $16,500 | $17,000 | |
| SIMPLE Plan for those Over 50 | $20,000 | $21,000 | |
| 401K Plan for those Under 50 | $23,500 | $24,500 | |
| 401K Plan for those Over 50 | $31,000 | $32,500 | |
Standard Deduction |
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| Single | $15,000 | $16,100 | |
| Join Returns | $30,000 | $22,200 | |
| Married Filing Separate | $15,000 | $16,100 | |
| Head of Household | $22,500 | $24,150 | |
| Additional Deduction for Ages 65 and Over | N/A | $6,000 |