Midyear is a good time for individuals to assess their 2026 tax situation. Start by forecasting your projected income, tax bracket and eligibility for deductions. Remember, you may claim either the standard deduction or itemize. Itemizing makes sense if your itemized deductions will exceed your standard deduction. Factors to consider may include the higher cap on the state and local tax deduction and your other potential itemized deductions, such as charitable gifts, mortgage interest and medical expenditures. If it looks like you’ll benefit from itemizing for 2026, you may want to accelerate deductible expenses into this year to increase your total deductions. Contact us to discuss further.
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