| STANDARD DEDUCTIONS | |
| Married, filing joint return (2026) | $32,200 |
| Surviving spouse (2026) | $32,200 |
| Head of Household (2026) | $24,150 |
| Single (2026) | $16,100 |
| Married, filing separate return (2026) | $16,100 |
| |
| Married, filing joint return (2025) | $31,500 |
| Surviving spouse (2025) | $31,500 |
| Head of Household (2025) | $23,625 |
| Single (2025) | $15,750 |
| Married, filing separate return (2025) | $15,750 |
EXEMPTIONS | |
| Federal Personal Exemption (2026) | zero |
| Federal Personal Exemption (2025) | zero |
TRAVEL & TRANSPORTATION | |
| Business Mileage Rate (2026) | 72.5¢ |
| Charitable Mileage Rate (2026) | 14¢ |
| Medical and Moving Mileage Rate (2026) | 20.5¢ |
| Business Mileage Rate (2025) | 70¢ |
| Charitable Mileage Rate (2025) | 14¢ |
| Medical and Moving Mileage Rate (2025) | 21¢ |
| High Cost Per Diem Travel Rate (10/1/2025 to 9/30/2026) | $319 |
| Low Cost Per Diem Travel Rate (10/1/2025 to 9/30/2026) | $225 |
MINIMUM WAGES as of Jan 1, 2026 | |
| New York NYC, Long Island & Westchester | $17.00 per hour |
| New York rest of state | $16.00 per hour |
| New Jersey | $15.92 per hour |
| Massachusetts regular | $15.00 per hour |
| Massachusetts tipped employees | $6.75 per hour |
| Connecticut | $16.94 per hour |
| Pennsylvania | $7.25 per hour |
| Virginia | $12.77 per hour |
| Georgia | $7.25 per hour |
| Texas | $7.25 per hour |
| Florida * | $14.00 per hour |
MINIMUM WAGES as of Jan 1, 2025 | |
| New York NYC, Long Island & Westchester | $16.50 per hour |
| New York rest of state | $15.50 per hour |
| New Jersey | $15.49 per hour |
| Massachusetts regular | $15.00 per hour |
| Massachusetts tipped employees | $6.75 per hour |
| Connecticut | $16.35 per hour |
| Pennsylvania | $7.25 per hour |
| Virginia | $12.41 per hour |
| Georgia | $7.25 per hour |
| Texas | $7.25 per hour |
| Florida * | $13.00 per hour |
| * - FL increases to $15.00/hr on Sep 30, 2026; increased to $14.00/hr on Sep 30, 2025 | |
RETIREMENT & PENSION PLANS | |
| 401(k) contribution limit for 2026 | $24,500 |
| 401(k) contribution limit for 2025 | $23,500 |
| 401(k) catch-up contribution age 50-59, 64+ (2026) | $8,000 |
| 401(k) catch-up contribution age 50-59, 64+ (2025) | $7,500 |
| 401(k) "super" catch-up age 60-63 (2026) | $11,250 |
| 401(k) "super" catch-up age 60-63 (2025) | $11,250 |
| IRA contribution limit for 2026 | $7,500 |
| IRA contribution limit for 2025 | $7,000 |
| IRA catch-up contribution age 50+ (2026) | $1,100 |
| IRA catch-up contribution age 50+ (2025) | $1,000 |
HOME SALE GAIN EXCLUSION | |
| Joint Filers | $500,000 |
| Single Filers | $250,000 |
ESTATE AND GIFT TAXES | |
| Lifetime exclusion for gift/estate tax for year 2026 | $15,000,000 |
| Lifetime exclusion for gift/estate tax for year 2025 | $13,990,000 |
| Annual Gift Tax Exclusion Amount (per donee) for 2025 ~ 2026 | $19,000 |
PAYROLL TAXES | |
| Social Security Wage Limit for 2026 | $184,500.00 |
| Medicare Wage Limit for 2026 | no limit |
| Social Security Wage Limit for 2025 | $176,100.00 |
| Medicare Wage Limit for 2025 | no limit |
| Medicare 0.9% surcharge withholding starts | $200,000 |
| Soc. Sec. (Self-employed) Combined Rate (OASDI+Medicare) | 15.30% |
| Soc. Sec. (Employer or Employee) Rate (OASDI+Medicare) | 7.65% |
| FUTA Wage Base | $7,000 |
ADJUSTED GROSS INCOME LIMITS | |
| Casualty Loss Threshold | 10% |
| Medical Deduction Threshold | 7.5% |
| Miscellaneous Itemized Deduction Floor | N/A (suspended) |
EDUCATION PROVISIONS | |
| American Opportunity Tax Credit | $2,500 |
| Lifetime Learning Credit | $2,000 |
| Student Loan Interest Deduction Maximum Amount | $2,500 |
| Educator (teacher) Expense Deduction | $300 |