09/03/2026
TAX UPDATE — READ THIS ONE.
If you earn tips, work overtime, got a car loan, own a business, or make gig money — this is for you. 👀
💵 TIPS + OVERTIME — Eligible workers can claim new deductions for qualified tips and qualified overtime under the Working Families Tax Cuts legislation. Already affectin' withholding.
🚗 CAR LOAN INTEREST — 2025 through 2028, up to $10,000/year in interest on a qualifying personal-use vehicle. Phaseouts start above $100,000 MAGI single / $200,000 MFJ.
📈 2026 STANDARD DEDUCTION:
Single/MFS — $16,100
Head of Household — $24,150
Married Filing Jointly — $32,200
📄 1099 THRESHOLD CHANGED — For 2026 payments, 1099-NEC and 1099-MISC go from $600 to $2,000.
💳 1099-K BACK TO THE OLD RULE — $20,000 AND more than 200 transactions.
🏦 RETIREMENT LIMITS UP — 401(k) $24,500 · IRA $7,500
GIG WORKERS — THIS IS THE ONE.
NO 1099 DOES NOT MEAN NO TAXABLE INCOME.
The threshold determines when the PAYER sends a form. It does NOT determine whether YOU report the income.
You could make $19,000 on a platform, never get a form, and still owe tax on every dollar.
And with the 1099-K threshold goin' back UP, a lot of people are about to stop gettin' forms they used to get — and think they're off the hook.
They ain't.
Track your own money. One folder. Every dollar in, every dollar out.
Save this. Share it. Tax planning starts before tax season.
