Tax laws are changing for 2026, which could impact how individuals and families file their returns. From updated charitable deductions to shifts in itemized deductions, gambling losses, and energy-related credits, these changes may affect both your tax strategy and your bottom line.
Understanding what’s ahead gives you time to plan—not react. Below is a breakdown of key tax changes coming in 2026 and what they could mean for you as you prepare for future filing seasons.
1. Above-the-line charitable deduction limit
Starting in 2026, taxpayers can deduct up to $1,000 (single) or $2,000 (married filing jointly) in charitable contributions even without itemizing. For those who do itemize, a new 0.5% charitable contribution floor will apply.
2. Itemized deduction phaseouts return
High-income earners in the 37% tax bracket may see their itemized deductions reduced due to the reinstated phaseout rules.
3. New limits on gambling losses
Beginning in 2026, wagering losses can only be deducted up to 90% of total losses. For example, someone with $10,000 in winnings and $15,000 in losses could previously deduct all $10,000 of their winnings — but under the new rule, only $9,000 would be deductible.
4. Mortgage insurance premiums become deductible again
These premiums will once again qualify as an itemized deduction starting in 2026.
5. Many energy credits have ended
Several energy-related tax incentives have expired:
- Credits for electric vehicle purchases ended after September 30, 2025.
- Numerous credits for residential energy-efficient improvements expired at the close of 2025.
Approaching Tax Season
By organizing your records now, understanding which documents to expect, and staying informed about the changes coming in 2026, you’ll be better positioned to file accurately and avoid surprises. Whether you’re focused on this year’s return or planning for the future, taking a few simple steps today can make tax time much easier tomorrow.
If you need expert guidance or want help navigating any of these upcoming tax changes, NSO and Company is here to support you every step of the way. Contact our team today at (317)-588-3131 to schedule a consultation and ensure you’re fully prepared for the year ahead.
Frequently Asked Questions
Our clients appreciate our fair, transparent pricing — no surprise fees, no confusing invoices. Individual tax returns start at $750, and business returns start at $1,500. If you’d like to talk through your specific situation before committing, a one-hour consultation with a CPA and tax preparer is $250.
Every client’s needs are different, so these starting rates can vary based on the complexity of your return or the scope of services you need. Visit our pricing page for more detail.
If you need accounting, bookkeeping, or tax services, contact us today — we’d love to learn more about your situation and provide pricing tailored to your needs.
We work with a wide variety of individual and business clients across central Indiana. Our clients range from entrepreneurs and small business owners to business professionals, retired individuals, families, and business corporations of all sizes.
Whether you’re just starting a business, managing personal and family finances, planning for retirement, or running an established company, we tailor our accounting, tax, and advisory services to fit where you are and where you’re headed. No two clients are exactly alike, and neither is our approach — we take the time to understand your specific situation so we can offer advice that actually applies to you.
NSO and Company is located in Fishers, Indiana, just off I-69 near the intersection of Lantern Road and 96th Street — an easy, convenient drive from anywhere in the Indianapolis area. Our office is at 8950 Fitness Lane, Suite 100, Fishers, IN 46037.
We’re open Monday through Friday, 8 am – 4 pm, and welcome walk-ins as well as scheduled appointments. If you’d like to speak with someone directly, call us at 317-588-3131.
NSO and Company combines years of experience with personalized service to help individuals and businesses prepare their taxes accurately and on time. We take the time to understand your situation, answer your questions, and look for opportunities to help you maximize your tax savings, while staying compliant and making the process as smooth as possible. Our clients also value our fair pricing and the confidence that comes from working with a trusted local firm.
