HSA (Health Savings Account) Limits (2026)

Health Savings Accounts provide tax benefits for medical expenses:

• Individual Coverage: $4,300
• Family Coverage: $8,600
• Catch-up (Age 55+): Additional $1,000

Mileage Rates (2026 Update)

The IRS standard mileage rates (subject to annual adjustment) are approximately:

• Business Use: ~68 cents per mile
• Medical/Moving: ~22 cents per mile
• Charitable Use: 14 cents per mile

Note: Always confirm final IRS-issued rates for the year.

Important Tax Credits (2026)

Tax credits directly reduce your tax liability. Key credits include:

• Child Tax Credit: Up to $2,000 per qualifying child
• Earned Income Tax Credit (EITC): Amount varies based on income and dependents
• Education Credits (AOTC/LLC): Available for qualified education expenses

Key Reminders for 2026 Filing Season

• Keep all income documents (W-2s, 1099s) organized
• Track deductible expenses throughout the year
• File early to avoid delays and identity theft risks
• Pay any owed taxes by the deadline to avoid penalties
• Consult a professional for complex financial situations

Professional Guidance Matters

Tax laws and limits are updated regularly, and individual situations vary. Working with a professional accounting firm in Texas ensures your filings remain accurate, compliant, and optimized for maximum benefit.