The fiscal year comes with news and changes that you should take into account when filing your income tax return in the United States. The Internal Revenue Service (IRS) has announced new measures related to income tax, including an inflation adjustment in income brackets that determines how much the taxpayer must pay based on their economic level. With this new tax system, those who earn more will face tax brackets when filing their tax return.
The deduction will also undergo changes, as an increase in the standard deduction was also announced. Regarding capital gains, inheritances, or credits, new limits have also been included for long-term capital gains, modifying the capital gains tax, the estate tax, the gift tax, and establishing requirements for credits such as the Earned Income Tax Credit (EITC). This modification of the tax system that governs the U.S. economy aims to maintain taxpayers’ purchasing power, although it is believed that for some it will mean a higher tax burden.
Internal Revenue Service (IRS)
According to its website, the Internal Revenue Service (IRS) provides U.S. taxpayers with assistance to understand and comply with their tax responsibilities under the tax law. Through its official website, you can access functions such as:
- Get your refund status.
- Where’s my amended return.
- Make a payment.
- Check your federal tax withholding.
- Get an identity protection PIN.
- Apply for an Employer ID Number (EIN).
Changes for the 2026 fiscal year
We do not know what the year 2026 will hold for us, but what we can anticipate is that for the fiscal year 2026, there will be changes when it comes to filing income tax returns. The Internal Revenue Service (IRS) has published the new federal rates that will apply for fiscal year 2026, including an inflation adjustment in the income brackets that determines when taxpayers must pay depending on their economic level.
Additionally, deductions will also be affected, increasing from $31,500 per joint return in 2025 to $32,200 in 2026. For individual filings, it will increase from $15,750 in 2025 to $16,100 in 2026. These new tax collection measures aim to maintain taxpayers’ purchasing power, although for some it will mean a higher tax burden.
Brackets for 2026
As before, the new measures for 2026 maintain the level of tax rates, with different percentages depending on the parts of the income. Based on the type of taxpayer, the following classification has been made:
Single filers
- 10%: income from $0 to $12,400.
- 12%: income from $12,401 to $50,400.
- 22%: income from $50,401 to $105,700.
- 24%: income from $105,701 to $201,775.
- 32%: income from $201,776 to $256,225.
- 35%: income from $256,226 to $640,600.
- 37%: income over $640,601.
Married couples filing jointly
- 10%: income from $0 to $24,800.
- 12%: income from $24,801 to $100,800.
- 22%: income from $100,801 to $211,400.
- 24%: income from $211,401 to $403,550.
- 32%: income from $403,551 to $512,450.
- 35%: income from $512,451 to $768,700.
- 37%: income over $768,701.
Capital gains, inheritances, and credits
The Internal Revenue Service (IRS) has not only modified and updated the income tax, but there are also other tax provisions that have undergone changes. These include changes to the capital gains tax, estate tax, gift tax, and requirements for credits such as the Earned Income Tax Credit (EITC). Therefore, individuals intending to sell assets (especially investors, heirs, and low-income families), or planning to make large donations, should take these modifications into account to avoid unpleasant surprises in their next tax return.