The BIGGEST NEW Write-Offs In 2026 Under The Big Beautiful Bill #taxs...

The new tax rules have introduced write-offs that will save people tens of thousands of dollars in taxes, and some people will even save millions. But despite this, many people will actually overpay on their taxes, not because they do not qualify for these write-offs, but because they simply do not know about them. 90% of people overpay because they simply miss tax write-offs that they already qualify for. So today I want to help you by going over the top most valuable write-offs in 2026 as a licensed CPA that tax plans every day at MyCPACoach.com. So let's jump right in. Okay, so we are going to start with some very easy ones that almost everyone will be able to take advantage of, and then we will graduate from there. So let's start with number one, the increased standard deduction. Starting in 2026, the standard deduction amount will be a little over $16,000 for single taxpayers, about $24,000 for head of households, and a little over $32,000 for married fowlers. But what exactly does this really mean? Well, let's just take a look at a quick example. Let's say we will earn $100,000 in income this year. Well, if I foul as single, I will get an automatic $16,000 deduction on my taxes, meaning that I will only pay tax on the remaining $84,000 of income. And if I'm married, then that deduction doubles. So by simply fouling as married with a spouse, I am now going to get a $32,000 deduction, leaving me with $68,000 of income to pay taxes on. The larger our deductions are, the less income we pay tax on. And the less income we pay tax on, the lower our taxes will be. For example, a $30,000 deduction might save someone in the highest tax bracket over $11,000 in taxes alone. And with the standard deduction, you receive an automatic deduction simply based on your fouling status, which can be even higher depending on your age. For instance, seniors over the age of 65 will be able to take an additional $2,000 to $3,000 deduction plus a new $6,000 bonus deduction for each senior over the age of 65, depending on their income. Now let's keep warming up here with another easy deduction, like number two, the new S.A.L.T. deduction, which was recently upgraded under the new tax rules. So if you do not know, S.A.L.T. stands for state and local taxes, and you are now able to write off up to $40,000 of your state and local taxes that you pay if you report less than $500,000 of income. This includes almost every type of state and local tax you can think of, like state income tax, city and county income taxes, property taxes on any real estate or vehicles you own, and even sales tax in some cases. So if you are in a high tax state, city, or county, you will want to make sure you look at all of the different taxes you are paying and add up your totals to see if this deduction is worthwhile for you on your next tax return. Now let's take this up one level by talking about number three, retirement deductions. So yes, believe it or not, you can create very large deductions by simply saving money for your own retirement. Depending on your age, income, and plan structure, you can deduct up to about $8,600 of contributions going into a traditional IRA plan, up to $80,000 of contributions going into a traditional 401k plan, which includes the employee and employer limits, and up to $290,000 of contributions into a cash balance or defined benefit plan when contributing from a business that you own. And this is per person, which means you can stack these limits if you have other family members who can take advantage of these plans as well, like a spouse or children, for example. Now, to be fair, there are several limitations that may influence how much you may be able to benefit from any one of these retirement plans. There are limitations based on age, whether you're an employee or employer or self-employed, and the specific amount of income that you earn. I have a separate video that covers this in greater detail. So just comment 401k to learn more about this. But for now, let's level this up again and talk about number four, the 20% QBI deduction, which is expected to save taxpayers billions of dollars over the next decade. Now, this is a freebie tax deduction that grants a 20% write-off against qualifying income for it simply being classified as business income. For example, someone with $200,000 in qualifying income could instantly write off $40,000 on their taxes with the QBI deduction, which would save someone in the highest tax bracket, nearly $15,000 in taxes. Now, qualifying income for this usually includes income earned as an independent contractor, as a freelancer or small business owner, or from some form of active 1099 income. Now, to be fair, there are some types of businesses that do not qualify, like C-corporations, for instance, or highly specialized businesses that are owned by high income individuals. So make sure you look into the specific rules to see if you qualify. It's also worth noting that there are even tax strategies where people will optimize their business structure to qualify for the QBI or to increase their QBI deduction. And if you want to learn more about that, just comment QBI below, and I'll send you my dedicated video on this. Now let's move on to a very hot tax deduction right now. And number five, the vehicle tax deduction. And there are really two new auto deductions here to know about. Number one, the car loan interest deduction, which applies to newly purchased personal vehicles. And number two, bonus depreciation, which applies to the business use of a vehicle. Let's start with car loan interest, which is pretty straightforward. The new tax rules will allow qualifying individuals the ability to write off up to $10,000 of interest paid on a car loan for a car that was assembled in the United States and used for personal use. And then there's bonus depreciation. When the car is used more than 50% of the time for business purposes, it can qualify for 100% expensing under the new bonus depreciation rules. In general, the tax law says that if you use your car for a business purpose, you can deduct it on your taxes. You can take the mileage deduction, which grants a fixed deduction for each mile that you drive. In 2026, this deduction is about 72.5 cents per business mile that you drive. So someone driving 10,000 miles will get a $7,250 deduction. Alternatively, you can opt to simply deduct your actual car expenses, like your gas, your car insurance, any repairs on the vehicle, any maintenance, and 100% bonus depreciation. For example, someone who buys a work truck for $75,000 and has $10,000 in actual car expenses might be able to write off $85,000 on their taxes in one year, which would save someone in the highest tax bracket over $31,000 in taxes. Now, there are limits and additional rules to know, like your deduction being limited if the vehicle weighs less than 6,000 pounds and some other key rules. I already have a separate video on all of those rules, so just comment vehicles below to learn more about them. But bonus depreciation is arguably the most significant change in the tax code. And honestly, it goes far beyond just writing off vehicles. It also applies to strategic business purchases around things like number six, equipment and machinery. When you buy tools, equipment, machinery, or other tangible assets to operate a trade or business, you can now write off up to 100% of the cost of those purchases in one year instead of spreading it out over several years. This includes everything from cell phones and computers and software to things like heavy machinery, furniture, and even specialized equipment that is standard for your industry. These new tax rules are encouraging people to reinvest in their business. One of my small business clients decided to make upgrades to all of the equipment in their company, which is not only going to help them expand their revenue in the year ahead, but it's also going to offset all of their taxes. And people are also doing this with number seven, real estate deductions. You are going to continue to hear about how real estate grants some of the largest tax write-offs available in the tax code due to these new depreciation deductions. The wealthy often park their wealth in real estate, not just for the cashflow, not just for the appreciation, but for the tax write-offs as well. For starters, certain real estate improvements and renovations will now be 100% deductible, specifically those classified as five to 15 year property, like new appliances, new flooring and furniture, for example, which means that if you spent $50,000 on these types of improvements, they'd all be fully deductible in one year instead of it being spread out over several years. And secondly, the same logic can be applied to new rental or commercial property purchases altogether. For example, let's say you go out and buy a $400,000 investment property. And usually there's a high chance that there will be components inside of that property that are eligible for 100% depreciation, like appliances, lighting fixtures, flooring, and so on. And if you get something called a cost segregation report on that property, then it will identify all those components for you, allowing you to take 100% depreciation on every component in that property that qualifies for it. At our firm, we are seeing clients expense up to 30% of newly acquired properties in one year due to these new rules. Now to take advantage of any of these write-offs, it is extremely important that you understand all of the tax rules and requirements to implement this all correctly. And if your CPA is not helping you with things like this throughout the year to keep your taxes down, just apply to work with my team today at mycpacoach.com.