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The deadline to file your taxes for 2025 is quickly approaching, and the IRS has already dropped their list of tax changes for 2026. And shockingly, they're not all terrible. What? In fact, some of these updates might actually let you keep more money in your pocket. Really? So today I'm breaking down the top tax changes you need to know about and how they could save you thousands next year. But just so we're clear, these changes are for 2026, and you'll reap the benefits when you file your taxes in 2027. If the world still exists, then. It's getting dire, guys. As usual, it's going to hell in a hand basket. And since we're looking out for your future self, go ahead and hit that like and subscribe button so you don't miss out on more videos like this. Also, quick shout out to our channel sponsor, DeleteMe, because while we're talking about protecting your money from the irs, they help protect your info from from online scammers and spammers. Okay, tax update number one, the standard deduction is bigger. We're starting out strong here with a change that most of you will be excited about. Basically, when you file your taxes, you've got two options. You can either itemize your deductions, like charitable giving and other write offs, or you can take the standard deduction, which is the easier option and what most people do. And that easy button just got bigger. So here's what the standard deduction looks like for your 2026 income. If you're single, it's $16,100, which is up 350 bucks from last year. If you're married filing jointly, it's $32,200, which is up $700 from 2025. And if you're head of household, you can deduct up to 24,150 bucks, which is $625 more than 2025. Like a lot of changes on this list, this increase was made permanent by the one big beautiful Bill Act. And adjusted for inflation and higher, standard deductions are good news because it means less of your income gets taxed without you having to do anything. The IRS is basically like, we didn't see that much income. Now, since most people don't itemize their deductions anyway, the next time that sweet Goodwill employee asks you if you want a receipt, just nod and say, I'm good, bro. I'm going standard deduction. He'll know what it means. Also reminder, drop off that Goodwill bag that's been in your trunk since 2023. It's starting to get moldy. You tell me why it's moldy. None of my business. That's between you and your rabbi. Tax update number two, Tax brackets got a raise. Now, the actual tax rates didn't change, but the income threshold. And that means you can earn more money before getting pushed into a higher tax bracket. For example, last year, if you were single and made above $103,350, the amount above that would get taxed at 24%. That's the next bracket. But this year you can make $2,000 more and stay in that lower 22% bracket. And this change prevents something called bracket creep, where inflation gives you a raise, but it basically gets canceled out by having to pay a higher tax rate. Side note, bracket creep was the name of my fantasy football league, and we lost again this year, tragically. Tax update number three, Retirement contribution limits are higher. This change is one of my favorites because it lets you save even more for your future. In 2026, you can contribute up to $24,500 to your 401k, which is 1,000 bucks more than last year, and up to 7,500 in an IRA, which is 500 bucks more than last year. And this is great news because more tax advantaged investing allows compound growth to work even harder for you in in the long run. So if you're the type to max out your retirement accounts, you're gonna love this one. And I recommend investing 15% of your income into these types of accounts once you're debt free with an emergency fund. And while we're on the topic of retirement, tax update number four, Catch up contributions got juiced. If you're nearing retirement and realizing that your savings aren't where they should be, this is your chance to make some serious progress thanks to catch up contributions. This is the IRS basically saying, okay, panic, but do it productively. We'll help. If you're 50 or older, you can now contribute an extra 8 grand a year into your 401k, which is 500 bucks more than 2025. And for IRAs, the catch up limit just jumped an extra 1100 bucks, which is the first bump we've seen in a while. And one perk that's carried over from last year is that if you're between the ages of 60 and 63, you might qualify for a super catch up contribution of $11,250, which means you could contribute nearly 36 grand to your 401k in a single year. It's kind of like grabbing the giant Power up mushroom in Super Mario, allowing you to supercharge your retirement savings and sprint to the finish line collecting coins along the way. And sadly, that reference will be missed by people age 60 to 63. Duh. They banned Nintendo. All right, tax update number five HSA and FSA limits Increased now we all know healthcare is expensive, but thankfully there are some tax efficient ways to save for it. If you have a high deductible health plan, you can now contribute even more to your hsa, which stands for Health Savings Account. The new limits are 4,400 bucks for individuals and $8,750 for families. That's 100 to 200 bucks more than last year. Not bad. Flexible spending accounts are also getting a boost. In 2026, you can stash away up to $3,400 for healthcare expenses and $7,500 for dependent care. But back to HSAs. I love these because they are triple tax advantaged. You contribute tax free, the money grows tax free and you can withdraw from it tax free for qualified medical expenses. And that includes everything from prescriptions and co pays to dental work and Dr. Scholl's insoles. And listen, if your favorite band is doing their 20th anniversary tour this year, you're gonna need those insoles. Okay? Standing for three hours at a Linkin park show hits different when your knees sound like bubble wrap I become so numb. And pro tip, your HSA can double as a stealth retirement account. You get a tax break in tax free growth and tax free withdrawals for medical expenses. But Once you turn 65, you can use HSA funds for anything. No penalty. You just have to pay ordinary income taxes exactly like a traditional ira. And speaking of investing in health and comfort, when I want to be comfortable without looking like I gave up for the day, I throw on anything from Cozy Earth, a sponsor of today's episode. Their loungewear and bedding cannot be beat. My Go to the Bamboo Joggers. Genuinely soft, breathable and structured enough to wear out of the house without feeling sloppy. They don't cling, they don't overheat, and they're comfy all day long. Cozy Earth makes simple, well made essentials you'll actually want to wear and sleep in and sleep on on repeat. So if you want to make your house a bougie home and upgrade your quality of Life, go to cozyearth.com george and use promo code GEORGE at checkout to get 20% off or click the link in the description. And before we get back to more tax updates that could help you keep more of your paycheck, another easy way to save money is by switching to a cheaper phone plan. And that's where Boost Mob comes in. Another sponsor of today's episode, their Forever plan offers unlimited data, talk and text for just 25 bucks a month. There's no contracts, no hidden fees. And the best part? It stays at $25 forever. I don't know how they do it, don't ask me, but they promised. And that's up to $600 in savings a year on average. And since nobody likes changing their number or phone, Boost makes it easy to keep the ones you got. Switching is super easy. I did it in minutes from the comfort of my own home. So to get the wireless you need and the savings you want without the fluff, go to boostmobile.com Ramsey or click the link in the Descript description Based on average annual single line payment of AT&T Verizon T Mobile customers compared to 12 months in the Boost Mobile Unlimited plan as of January 2026. Website for full offer details. All right, back to Tax Talk. Tax update number six estate tax exemption hits $15 million. That's right, the estate tax exemption is going up from 13.99 million to a cool 15 million per person in 2026. I am so glad they rounded up. The 0.99 was really bothering me. The dollars are in the details. Now, let's be honest, most people aren't anywhere near this right now. But if you follow the stuff I preach on this channel and live a long life, I wouldn't put it past you. I hope it's something you worry about. If your net worth does cross that 15 million threshold, this update protects more of your estate from being taxed when it's passed on. In other words, it's how rich people keep more of their generational wealth in the family and less in the government's pockets. We the people, big fans of that tax Update Number seven, the Earned Income Tax Credit went up. Now, this one could make a big difference for families with low to moderate incomes. The Earned Income Tax credit, or the EITC, is a credit now worth up to $8231 and it's refundable. And that means if the credit is bigger than your tax bill, the IRS will actually send you a check for the remainder. That's wild. It's kind of like finding out the DMV now does surprise birthday parties. Totally unexpected, deeply suspicious. The cake Might be dry as a summer in Yuma, Arizona. But hey, free cake from the dmv. I'll take it. Okay, bad example. Now, exactly how much of a credit you get depends on your age, your income, your filing status, and how many kids you have. But if you're able to claim the credit when you file your taxes, enjoy that rare moment where the IRS acts like your fun aunt with cash in her purse. And side note, absolutely take every credit you qualify for. But long term, a great goal is building your income and career so you eventually don't need them anymore. Okay, now that we got through the major tax updates, you should know that not everything is getting shaken up in 2026. So here's a few things that are not changing this year when it comes to your taxes. The child tax credit for 2026 is staying at 2,200 bucks per child, and there's no cap on the number of kids this applies to. So if you're running a 19 and counting situation over at your homestead, you're looking at over $41,000 in child tax credits. Which feels about right considering that's roughly what it costs to buy enough milk for that many kids each month. Unless you get your own supply of raw milk via several cows or one big heifer. And for once, I'm not talking about your mom. That was a non your mom joke. See what I did? The reverse uno on the your mom jokes. Now, if you make over a certain income, the child tax credit does phase out, meaning it gradually goes away as your income goes up. But if you're eligible, this is a legit dollar for dollar discount on your tax bill. So be fruitful and multiply, if for no other reason than to stick it to the man and get that paper. And good news, if you're feeling generous in 2026, the annual gift tax exclusion isn't changing, so you can still give up to 19,000 dol per year. And if you're married, you and your spouse can team up and give 38 grand to each person completely tax free. And quick clarification, because this is the part that trips people up, that $19,000 limit isn't some hard tax cutoff. It's really just a paperwork line. If you give more than that, you don't suddenly owe gift tax. You just have to file a form with the IRS so they can keep track of it. Anything above that 19 grand per person simply counts against your lifetime gift and estate exemption, which, like we mentioned earlier, is 15 million per person in 2026. So unless you're out here giving away private jets or beachfront property. This is mostly an accounting thing, not an actual tax bill. Another thing that's staying the same, no new cap on itemized deductions unless you're in the top 37% tax bracket. So if that's not you, carry on. Also, you still can't claim personal exemptions. And because of the one big beautiful bill, that change is permanent. And a lifetime learning credit is staying put so you can still get help with continuing education. Alright, now to solve the main problem you should care about, how do you make sure you're not slapped with a surprise tax bill next year? Well, I've got a few smart tax moves you can make right now to save you money in the future. Number one, adjust your withholdings. If you owed a bunch this year or you got a big refund, you need to update your W4 so more or less of your paycheck gets set aside for taxes. And allow me to be abundantly clear, getting a massive refund is not a good thing. It just means you've been loaning your money to the government all year long, interest free. You overpaid the irs. Not the move. What you really want is to get your refund as close to zero as possible so you have more money in your pocket throughout the year. And believe it or not, the IRS has a calculator to help you figure out your withholdings. And it's not terrible. Which is the kindest Google review I can give the IRS three stars. Would not recommend but decent calculators. That's 178bad reviews in a row. Number two, contribute to retirement. Putting money into a traditional 401k or traditional IRA can lower your taxable income because that money goes in before taxes. But here's the catch. You'll pay taxes on it later when you retire. And who knows what tax rates will look like by then. Likely higher than they are now. Considering our great nation is almost $39 trillion in debt, they could use the money and it's probably going to come in the form of higher taxes. And that's why I am Team Roth all day long. For the average person, yes you pay taxes now, you don't get the deduction, but your money grows tax free and you get to take it out tax free in retirement. So technically no tax break today, but I will take forever tax free growth any day. Get this, if there's $2 million in that Roth IRA when you retire, that's like $2 million of take home pay. Pretty incredible. Number three, don't miss credits or deductions. There's real money on the table. If you qualify, tax credits can directly lower what you owe or even increase your refund. And the most common ones to look for are the Child Tax Credit, Earned Income Tax Credit, and the Child and Dependent Care credit. If you pay for daycare and if you contribute to a retirement account, check whether you qualify for the Savers credit as well. Now, good tax software will walk you through all of this, but don't just assume you don't qualify and skip over it. Take the time to check because a few minutes could be worth hundreds, maybe even thousands of dollars. And speaking of tax software, please don't overpay to file your taxes. If your taxes are pretty straightforward, you don't need to drop a fortune on filing them. Look for a tool that's simple, affordable, and doesn't try to upsell you 47 times before you hit submit. One that I like. Ramsey Smart Tax. No hidden fees, no surprise charges. You get all the major federal forms for the price you signed up for. Period. It even walks you through the important stuff like credits, deductions and retirement contributions. So if you're looking for a no fluff way to get your taxes done right, I'll drop a link to Ramsey Smart Tax in the description so you can check it out. And if you want to know what not to do when filing your taxes this year, go watch this video where a CPA tax attorney and fellow YouTuber Jasmine Deluci joins me to break down the worst tax advice on the Internet. It's a real good cop, bad cop situation. I'll also link it in the description below. Don't forget to like subscribe and share this video with that friend who you just know hasn't filed their taxes yet. And if you can't think of that friend, it's you. Thanks for watching. We'll see you in the next one.