This article reviews key changes taxpayers may encounter this year. This is not an exhaustive list of all changes under OBBBA. Consult with your tax and wealth advisors to review the full impact on your personal wealth planning.

¹ To be adjusted for inflation going forward.
² Must be age 65 or older with a modified adjusted gross income (MAGI) of less than $75k (single filers) or $150k (joint filers) to qualify.
³ Phase out begins for taxpayers at a MAGI above $500k and phases out completely at a MAGI of $600k.
⁴ The purchase must occur after 2024, and final assembly of the vehicle must occur in the United States. The deduction is available regardless of whether the taxpayer itemizes but is phased out for taxpayers with a MAGI in excess of $100k (single filers) or $200k (joint filers).

How has the tax filing process changed?

Electronic-only payments to and from the IRS

Executive Order 14247 Modernizing Payments to and from America’s Bank Account announced payments to and from the federal government—including the IRS—are transitioning and only digital transactions will be accepted. The IRS has committed to posting updates as the process develops.

NOTE: This is specific to payments and does not impact the method of filing (e.g., paper vs. e-filing). Taxpayers can still file via the same avenues as in previous years, but payments must be electronic (i.e., paper checks are no longer accepted).

Postmark Rule change

In late November 2025, the United States Postal Service (USPS) adopted a rule making the postmark date on mail the first date it was processed, rather than the date USPS took possession of the piece. The IRS considers the postmark date as the date when the tax return or payment was received.

This new postmarking rule could lead to discrepancies in mailing dates and postmarks. If delays in processing put the postmark date after the relevant deadline, the taxpayer could face late submission fees.

Using certified or registered mail will give you a receipt attesting to the mailing date, which can help you bypass issues caused by this new rule. If you file a paper return, consult with your tax professionals to ensure your return is submitted on time.

New Schedule 1-A (Form 1040)

This form will be used to report new deductions including No Tax on Tips, No Tax on Overtime, No Tax on Car Loan Interest, and the Enhanced Deduction for Seniors.

⁷ Tax year 2025 will be the last year this credit can be claimed.
⁸ This change was made under SECURE 2.0 but is included here for reference as it could impact 2026 taxes. 

⁹ Beginning in 2027, an individual who makes a cash donation to a scholarship granting organization is allowed a credit equal to 100% of the donation, subject to an annual per taxpayer cap of $1.7k.
¹⁰ The IRS defines a QOZ as: “an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as QOZs if they were nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination was certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service (IRS).”
¹¹ Subject to certain limitations. Speak with your advisory team to review QOZ-related provisions.

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