8 Tax Law Changes in 2026

8 Tax Law Changes in 2026: What Individual Taxpayers Should Know

The One Big Beautiful Bill Act (OBBBA) was signed into law in 2025 and made sweeping changes across the tax code. While some provisions took effect immediately, several significant individual tax changes did not become effective until January 1, 2026. Now that we are more than halfway through 2026, many taxpayers may not realize just how many of these changes…

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Missouri’s Homestead Disaster Tax Credit: What It Is, and Why Payments Are Delayed

Following the severe storms and tornadoes that impacted many Missouri communities in 2025, the Missouri legislature created a new tax credit intended to provide relief to affected homeowners and renters. This credit, known as the Homestead Disaster Tax Credit, is designed to help offset insurance deductibles paid on disaster‑related claims involving a taxpayer’s primary residence. Eligible taxpayers may qualify for…

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The IRS Is Moving Away From Paper Checks: What Individual Taxpayers Need to Know | Krilogy Tax Services

As part of Executive Order 14247, “Modernizing Payments To and From America’s Bank Account,” the U.S. Treasury and IRS have begun a major transition toward fully electronic payments, both the refunds taxpayers receive, and the payments taxpayers send to the IRS. The goal is to increase security, reduce fraud, speed up processing, and cut the costs and delays associated with…

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Year-End Planning: Why It May Make Sense to Accelerate Charitable Giving Before 2026

If charitable giving is part of your financial strategy, the final months of 2025 may be an ideal time to act. New rules under the One Big Beautiful Tax Bill Act (OBBBA), effective January 1, 2026, could reduce the tax benefits of charitable contributions for many taxpayers. Starting in 2026, non-itemizers can claim a modest charitable deduction—up to $1,000 for…

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Tax Impact of the OBBBA | Krilogy Tax Services

The “One Big Beautiful Bill Act,” (OBBBA) signed into law in July 2025, contains a wide array of tax provisions impacting individuals, businesses, and international tax policy.  While the legislation touches on numerous areas, this summary focuses specifically on the provisions we believe are most relevant to our individual clients. It’s worth noting that the legislation makes “permanent” a number…

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Understanding Donor-Advised Funds: A Tax-Efficient Path to Charitable Giving | Krilogy Tax Services

For individuals and families looking to make a lasting charitable impact while optimizing tax benefits, Donor-Advised Funds (DAFs) offer a powerful and flexible solution. A DAF is a charitable account run by a public charity that lets you donate assets, get an immediate tax break, and gives the flexibility to donate to nonprofits in future years. How a Donor-Advised Fund…

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Using the “Erase and Replace” Strategy with IRA Rollovers to Manage Tax Withholding | Krilogy Tax Services

Tax planning often involves finding creative ways to meet IRS requirements while optimizing cash flow. One strategy that can achieve both goals is the “erase and replace” approach, where a taxpayer uses their once-a-year IRA rollover to withhold taxes and redeposit the full amount back into their IRA; this method not only satisfies tax obligations but also takes advantage of…

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Year-End Tax Planning Tips for 2024: What to Consider Before December 31st

As the year draws to a close, it’s an opportune time to assess your tax situation and identify strategies that could reduce your tax burden. The Krilogy Tax team has compiled a list of key planning strategies for clients to consider as 2024 winds down. Roth IRA Conversions Pre-tax retirement accounts can be a ticking time bomb, as their future…

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Exploring 529 to Roth IRA Rollovers Key Considerations and Benefits

Saving for education expenses is a priority for many families, and 529 plans can be valuable tools in achieving this goal. A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs; primarily intended for higher education expenses, these plans can also be used for K-12 tuition costs in most states. The funds in a…

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Avoid the “Step-Down in Basis” Pitfall | Krilogy Tax Services

A commonly known provision of the tax code is the step-up in basis rule; many taxpayers encounter this when inheriting appreciated assets. A lesser-known and tricky related provision is the step-down rule, which can be a potential hazard causing losses to remain unrealized. This, in turn, leads to possible tax savings disappearing into thin air. As background, the IRS allows…

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