The tax law signed in July 2025 changed rules that already show up on the 2026 return, the one you file in 2027. These are the changes that matter most to Hispanic families and business owners in Florida, with the figures the IRS publishes.
For your business
- 1099-NEC and 1099-MISC: the threshold rises from $600 to $2,000 for payments made from 2026, adjusted for inflation in later years. The backup withholding threshold when a contractor doesn't provide a W-9 also rises to $2,000.
- 1099-K: payment platforms again report only when you receive more than $20,000 and more than 200 transactions in the year.
- Business equipment and vehicles: 100% bonus depreciation returns for property acquired after January 19, 2025, and the 20% qualified business income (QBI) deduction becomes permanent.
For your family
| Change | Amount | From |
|---|---|---|
| Standard deduction, single | 16.100 USD | 2026 |
| Standard deduction, married filing jointly | 32.200 USD | 2026 |
| Standard deduction, head of household | 24.150 USD | 2026 |
| Deduction for qualified tips | up to 25.000 USD | 2025 to 2028 |
| Deduction for qualified overtime premium | up to 12.500 USD (25.000 joint) | 2025 to 2028 |
| Additional deduction for people 65 and over | up to 6.000 USD per person | 2025 to 2028 |
| Interest on a loan for a new U.S.-assembled car | up to 10.000 USD | 2025 to 2028 |
| Cash donations without itemizing | 1.000 USD (2.000 joint) | 2026 |
| State and local tax (SALT) cap | 40.000 USD | 2025 |
The tips, overtime, 65-and-over and SALT deductions phase out by income. Trump Accounts for eligible children receive a one-time $1,000 federal contribution and cannot be funded before July 4, 2026.
What to do before January
- Ask every contractor for a W-9 and total what you paid them in 2026.
- Keep records of tips and overtime if they apply to you.
- Book your year-end review to decide equipment purchases before December 31.
Sources
- IRS · Tax inflation adjustments for tax year 2026
- IRS · Form 1099-K threshold FAQs
- IRS · One, Big, Beautiful Bill provisions
This guide is general information and does not replace a review of your case. Each figure has conditions; the team confirms them with you.