For 2026, the IRS tax brackets for single filers are: 10% ($0-$11,925), 12% ($11,926-$48,475), 22% ($48,476-$103,350), 24% ($103,351-$197,300), 32% ($197,301-$250,525), 35% ($250,526-$626,350), and 37% (over $626,350). Remember: these are marginal rates — only income in each bracket is taxed at that rate, not your entire income.

For tax year 2026, the standard deduction is approximately $15,000 for single filers, $30,000 for married filing jointly, and $22,500 for head of household. Most taxpayers (about 90%) take the standard deduction rather than itemizing. You should only itemize if your total deductions (mortgage interest, state taxes, charity, etc.) exceed the standard deduction.

Federal income tax returns for 2025 income are due April 15, 2026. If you can't file on time, you can request an automatic 6-month extension (to October 15, 2026) using Form 4868. Important: an extension to FILE is NOT an extension to PAY — you must still estimate and pay any taxes owed by April 15 to avoid penalties and interest.

Capital gains tax applies when you sell an asset for more than you paid. Short-term gains (assets held less than 1 year) are taxed as ordinary income (up to 37%). Long-term gains (held over 1 year) get preferential rates: 0% for income up to $48,350 (single), 15% for income up to $533,400, and 20% above that. The $250,000/$500,000 home sale exclusion can eliminate capital gains on your primary residence.

Self-employed individuals can deduct: 50% of self-employment tax, health insurance premiums, home office expenses (simplified: $5/sq ft up to 300 sq ft), business supplies and equipment, vehicle expenses (67¢/mile for 2026), internet and phone (business percentage), retirement contributions (SEP IRA up to 25% of net income), and professional development costs.