Client Update — August 2026Bulletin client — août 2026

Three Tax Deadlines to Put on Your Calendar This Fall

The final months of the year carry some of the most important dates on the tax calendar, and several of them land close together this fall. Marking them now helps you avoid a rushed September and unnecessary penalties.

If you pay quarterly estimated taxes, which is common for self-employed people, business owners, landlords, and retirees with investment income, your third-quarter payment for 2026 is due September 15, 2026. The fourth-quarter payment follows on January 15, 2027. You can skip that January payment if you file your full 2026 return and pay any balance due by February 1, 2027.

September 15 is also the deadline for extended 2025 returns for partnerships (Form 1065) and S corporations (Form 1120-S). Extended 2025 returns for individuals (Form 1040) and C corporations (Form 1120) are due October 15, 2026.

One point often surprises people: an extension gives you more time to file, not more time to pay. If you had a balance due on your 2025 return, interest has been adding up since the original April deadline. Filing sooner rather than later keeps that interest from growing.

A note on estimated payments if your income rose in 2026. You can generally avoid an underpayment penalty, called meeting a safe harbor, by paying at least 100 percent of the tax shown on your 2025 return through withholding and estimates, or 110 percent if your 2025 adjusted gross income was more than $150,000 ($75,000 if married filing separately). This protects you even if 2026 turns out to be a bigger year than expected.

The simplest way to stay ahead is to send your profit-and-loss summary or income figures to [Firm Name] by early September, so your estimated payments and any extended returns are finished well before the deadlines.

Trump Accounts Are Open: What Families With Young Children Should Know

A new type of savings account for children, called a Trump Account, opened for contributions on July 4, 2026. If you have children or grandchildren under 18, it is worth understanding how it works.

The headline feature is the seed money. For a child who is a U.S. citizen and born between January 1, 2025 and December 31, 2028, the federal government makes a one-time $1,000 contribution to start the account. This is a pilot program, and the money is only added once the account is set up, so eligible families should not leave it unclaimed.

Beyond that seed money, anyone can contribute up to $5,000 per year to a child's account, an amount set to rise with inflation after 2027. The funds are invested in low-cost funds that track the U.S. stock market, such as an S&P 500 index fund. Money generally stays invested until the year the child turns 18, after which the account is treated much like a traditional individual retirement account (IRA).

There is a piece here for business owners as well. An employer can contribute up to $2,500 per year toward an employee's or a dependent's account, and that amount counts toward the $5,000 annual cap. If you run a business, this could become a modest, tax-friendly benefit to offer your team.

A few things are worth coordinating before you contribute heavily. A Trump Account is one tool among several. A 529 college-savings plan and the annual gift-tax exclusion, which is $19,000 per recipient in 2026, may fit your goals differently. Layering these thoughtfully matters more than rushing money into any single account.

Four New Tax Deductions You May Be Able to Claim

A recent tax law created four new deductions that apply for tax years 2025 through 2028. A helpful feature is that you can claim these whether or not you itemize, so they are available even if you take the standard deduction. Here is a plain-language summary.

Tips. If you work in a tipped occupation, you may deduct up to $25,000 of qualified tips per year. The deduction begins to phase out once your modified adjusted gross income passes $150,000 ($300,000 if married filing jointly).

Overtime. You may deduct the extra premium portion of your overtime pay, up to $12,500, or $25,000 for joint filers. The same income phase-out applies, starting at $150,000 ($300,000 joint).

Car-loan interest. If you buy a new, personal-use vehicle that had its final assembly in the United States, you may deduct up to $10,000 of the loan interest each year. This one phases out at a lower income level, $100,000 ($200,000 joint). Keep your loan documents and the vehicle identification number.

Age 65 and older. If you are 65 or older, you may claim an additional $6,000 deduction per qualifying person, or $12,000 for a couple who both qualify. It phases out above $75,000 of income ($150,000 joint).

Because these are new, the paperwork behind them matters. Keep clean records of tips, overtime, and vehicle-loan interest so each deduction can be supported. If you employ tipped or overtime staff, this is a good moment to confirm with your payroll provider that your systems are ready for the new reporting that begins with 2026 forms.