How will the recent tax changes affect my 2026 taxes?

Some items in the One Big Beautiful Bill Act don't start until 2026. Here are some of the changes coming in 2026.
  • Charitable deductions: In 2026, when taking the Standard Deduction, you can deduct up to $1,000 ($2,000 if Married Filing Jointly).
  • Private mortgage insurance: In 2026 you can deduct private mortgage insurance (PMI) premiums as an itemized deduction.
  • Child and dependent care credit: In 2026 the credit percentage increases, which can increase your credit.
  • Dependent care FSAs: For 2026 you may be able to elect up to $7,500 for a dependent care flexible spending account through your employer, which can reduce your taxable income.
  • Gambling losses: In 2026 gambling losses are limited to 90% of winnings.

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