The IRS has announced the mileage rates for 2026: The rate for business use of a vehicle is now 72.5 cents per mile. The rate for medical is now 20.5 cents per mile. The rate for service performed for charitable organizations is set by statute and remains unchanged at 14 cents per mile.
The IRS announced that the 2026 tax filing season will begin on 1/26/26, with a filing deadline of 4/15/26. Taxpayers will use the new Schedule 1-A (Additional Deductions) to claim deductions for items such as no tax on tips, no tax on overtime, no tax on car loan interest, and the enhanced deduction for seniors.
The IRS has released a draft form of form 4547 to elect to contribute to a Trump account for a dependent born in 2025.
Please join us on January 27 at noon (session will be recorded) for a presentation of What to Expect During Tax Season this year. This will be an informative session for any tax preparation or prospective tax preparation clients.
Congratulations to Evan Marquis, CFP® EA for being promoted to Associate Advisor! Evan has been with Milestone since 2023; leads our trading team and will be working with Jennifer Climo, CPA CFP® MSFP this year to issue tax returns for Jennifer L Climo CPA PC. Congratulations, Evan!
New Team Member Spotlight: Please welcome our new Tax Associate, Janet Lussier!
Janet joined Milestone Financial Planning, LLC in 2026 after spending over 20 years working at a public accounting firm in Vermont. She brings a deep understanding of administrative and tax systems and is experienced at providing excellent client service.
Taxes and financial planning are complex, but you don’t have to navigate them alone. A financial advisor can help you stay informed about tax law changes, optimize your savings and investments, and avoid costly mistakes. If you need tailored guidance, our team is here to help. Talk to an advisor or call (603) 589-8010 to integrate tax planning into your comprehensive financial strategy.
Disclaimer: This is not to be considered investment, tax, or financial advice. Please review your personal situation with your tax and/or financial advisor. Milestone Financial Planning, LLC (Milestone) is a fee-only financial planning firm and registered investment advisor in Bedford, NH. Milestone works with clients on a long-term, ongoing basis. Our fees are based on the assets that we manage and may include an annual financial planning subscription fee. Clients receive financial planning, tax planning, retirement planning, and investment management services and have unlimited access to our advisors. We receive no commissions or referral fees. We put our client’s interests first. If you need assistance with your investments or financial planning, please reach out to one of our fee-only advisors. Advisory services are only offered to clients or prospective clients where Milestone and its representatives are properly licensed or exempt from licensure. Past performance shown is not indicative of future results, which could differ substantially.
