Tax Info for Individuals
Does my child need to file a tax return? – See the FAQ on this subject.
Self-Employed Business Tax Checklist – Click Here
Check the Business Info page if any of the following apply to your self-employed business:
• Your business is an LLC.
• Your business hires contractors and/or employees.
• You drive your personal vehicle for business purposes.
Rental Property Checklist – Click Here
Who can I claim as a dependent? – If you’re providing support for someone and want to check your eligibility to claim them as a dependent, use this IRS tool: (Click here to start.)
See the FAQ page for information on whether your child needs to file a tax return.
Itemized Deductions vs. Standard Deduction – Taxpayers may take the higher of the standard deduction, or the sum of their itemized deductions.
Itemized Deductions are generally the sum of:
• Mortgage Interest (Limits may apply)
• State Income and Real Estate Taxes (capped at $40K for 2025)
• Charitable Contributions, both cash and non-cash
• Medical Expenses exceeding 7.5% of AGI
The Standard Deduction is a flat amount, determined by the IRS each year for each filing status. Taxpayers who are over age 65 and/or blind receive additional amounts. The Standard Deduction increased significantly in 2018 and has increased incrementally each year since, making it higher than many taxpayers’ itemized deductions.
You should discuss your specific situation with your tax preparer to determine whether your Itemized Deductions may be higher than the Standard Deduction. Also see the FAQ page for more information on deductible medical expenses.
How do I value non-cash donations? – Non-cash donations should be valued at their fair market value. In other words, what would you expect to be paid for the item if you were selling it at a yard sale? The Salvation Army website has a helpful guide, as do some other charitable organizations.
(Click here to go to the Salvation Army’s valuation guide.)
Prior & Prior & Current Year Retirement Plan Contribution Limits – See the table below.
NOTE: For 2026, eligibility to make Roth IRA contributions starts to phase out when Modified AGI reaches $153K for Single and Head of Household filers, and $242K for Married Filing Jointly.
| Year | Traditional IRAs | Simple | 457 | 401(k), 403(b), and SARSEP |
Defined Contrib. Plan & SEP | Defined Benefit Plan | Comp. Limit |
|---|---|---|---|---|---|---|---|
| 2025 | $7,000 | $16,500 | $23,500 | $23,500 | $70,000 | $280,000 | $350,000 |
| 2026 | $7,500 | $17,000 | $24,500 | $24,500 | $72,000 | $290,000 | $360,000 |
Capital Gains & Losses – You can find information about Capital Gains and Losses, as well as the Capital Gains Tax Rates on the IRS website:
IRS Tax Topic No. 409, Capital gains and losses