Carmen L. Elias, CPA, PA

Carmen L. Elias, CPA, PA CPA Firm. Tax, accounting & business consulting services.

02/12/2026

New and enhanced deductions for individuals

There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation.

New deductions for 2026 filing season

Seniors age 65 and older may be eligible to claim an additional $6,000 deduction

Tipped workers may be eligible to deduct up to $25,000 for qualified tips

Individuals may be eligible to deduct up to $12,500 ($25,000 for joint filers) for qualified overtime

Individuals may deduct up to $10,000 in qualified passenger vehicle loan interest

All new or enhanced deductions are available for both itemizing and non-itemizing taxpayers. Each of these deductions phase out based on income level for individual and joint filers and have specific eligibility requirements. This information can be found on the One, Big, Beautiful Bill provisions page for individuals and workers.

Standard deduction amounts for tax year 2025
The standard deduction is a flat amount based on federal income tax filing status (single, married filing separately, married filing jointly, head of household, or qualifying surviving spouse). The IRS adjusts the standard deduction annually for inflation.

$15,750 for single or married filing separately
$31,500 for married couples filing jointly or qualifying surviving spouse
$23,625 for head of household

Most people take the standard deduction. However, some may not be eligible to take it or if deductible expenses and losses are more than the standard deduction, taxpayers have the option to itemize deductions. Itemized deductions are subject to certain dollar limitations. They can include amounts paid during the taxable year for: state and local income or sales taxes, real property taxes, personal property taxes, mortgage interest, disaster losses, gifts to charities, certain gambling losses, and medical and dental expenses.

02/03/2026

IR-2026-21: Create an IRS Individual Online Account today for security and ease

IR-2026-21, Feb. 3, 2026

WASHINGTON – The Internal Revenue Service encourages all taxpayers to create an IRS Individual Online Account to access their tax account information securely online and to help protect against identity theft and fraud.

The IRS Individual Online Account is available to anyone who can verify their identity. Tax professionals can support this effort by encouraging clients to use an IRS Individual Online Account and by using their own Tax Pro Account to complete authorized actions on their clients’ behalf.

With the same convenience as online banking, taxpayers can use the IRS Individual Online Account to:

View key tax return information, such as their adjusted gross income.
Request an identity protection PIN and access it throughout the year.
Check the status of their refund.
Confirm the status of their amended return.
Get account transcripts, including wage and income records.
Approve power of attorney and tax information authorization requests.
Edit language preferences and request alternative media.
Receive and view over 200 IRS digital notices.
Make and cancel payments.
Set up or modify payment plans and check their balance.
Access tax documents online

In early 2025, the IRS expanded the IRS Individual Online Account to allow taxpayers to view and download certain tax documents, including:

Form W-2, Wage and Tax Statement.
Form 1095-A, Health Insurance Marketplace Statement.
Form 1099-NEC, Nonemployee Compensation.
Form 1099-DIV, Dividends and Distributions.
Form 1099-INT, Interest Income.
Form 1099-MISC, Miscellaneous Information.
A full list of information return documents is available on IRS.gov.

Information return documents are filed and reported by employers, financial institutions, government agencies, and other payers to both the payees and the IRS. These documents provide information that can help taxpayers file their returns. The information is available for tax years 2023, 2024, and 2025 and can be found under the Records and Status tab in the taxpayer’s IRS Individual Online Account.

For more information, visit IRS Online Account for Individuals

12/09/2025

What taxpayers can do to Get Ready for the 2026 tax filing season

The new year is less than a month away which means the 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the coming months.

The annual IRS Get Ready campaign is a series of tips, reminders and new information for taxpayers on what they need to know in preparation for filing season. For example, the One, Big, Beautiful Bill brings several changes or additions that can significantly affect federal taxes, credits and deductions. Tax deductions for tips, overtime, car loan interest and seniors are just a few of many recent updates.

Here’s some of the things taxpayers can do now:

Access or login to an existing IRS online account
An IRS online account allows taxpayers to access personal tax information, including recently filed returns, securely. Through this tool, taxpayers can:

View tax records, including adjusted gross income and transcripts
Make, schedule and view payments
Get or view their Identity Protection PIN
Authorize a tax professional to access their tax records digitally
Access available Forms W-2 and certain 1099s
View and edit communication preferences from the IRS and alternative media such as Braille, large print and more
Receive and view over 200 IRS digital notices.
Set up or change payment plans and check their balance
Gather and organize tax records
Having organized tax records helps taxpayers file complete and accurate tax returns and avoid errors that could delay refunds. This may also help the taxpayer identify deductions or credits that may have been overlooked.

Most income is taxable, including unemployment compensation, refund interest and income from the gig economy and digital assets. Taxpayers should watch for and gather essential forms, such as Forms W-2, Wage and Tax Statement and other income documents, when they become available in 2026.

Address

5979 NW 151 Street, Suite 221
Miami Lakes, FL
33014

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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