(Washington D.C.) – The Internal Revenue Service says there are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation.
New deductions for 2026 filing season include: Seniors age 65 and older may be eligible to claim an additional $6,000 deduction, tipped workers may be eligible to deduct up to $25,000 for qualified tips, individuals may be eligible to deduct up to $12,500 ($25,000 for joint filers) for qualified overtime, individuals may deduct up to $10,000 in qualified passenger vehicle loan interest
All new or enhanced deductions are available for both itemizing and non-itemizing taxpayers. Each of these deductions phase out based on income level for individual and joint filers and have specific eligibility requirements. This information can be found on the IRS website or by visiting with your tax professional.
