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:
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. The views expressed in this commentary are subject to change based on market and other conditions. These documents may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.
All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
Milestone Financial Planning, LLC (“Milestone”) is a fee-only financial planning firm and registered investment advisor headquartered in Bedford, NH. Registration does not imply a certain level of skill or training. Milestone works with clients on an ongoing, long-term basis, providing financial planning, tax planning, retirement planning, and investment management services. Fees are based on assets under management and may include a financial planning fee. Milestone receives no commissions or referral fees and, as a fiduciary, is required to act in clients’ best interests. Advisory services are offered only where Milestone and its representatives are properly licensed or exempt from licensure. More information, including fees and principal risks, is available in Milestone’s Form ADV Part 2A. For help with your investments or financial planning, contact one of our fee-only advisors.
