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Columbia Gas Dept. GAS LEAK or GAS SMELL Contact Numbers 24 hrs/ 365 days 270-384-2006 or 9-1-1 Call before you dig 
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Tax Law changes for the 2026 filing season From Cindy Turner at Steadfast Accounting & Tax As taxpayers prepare for upcoming changes, several significant updates to federal tax law will affect returns filed during the 2026 tax season. The revisions include expanded deductions for seniors, new charitable giving provisions, overtime income adjustments, vehicle loan interest deductions, and major changes to tax refund distribution. Click 'read more' for the following summary of the most important updates: Expanded Benefits for Senior Taxpayers (Age 65+) Additional Standard Deduction Taxpayers age 65 or older are now eligible for an additional $6,000 standard deduction per individual. Married couples where both spouses are 65 or older may claim an additional $12,000 combined. This amount is in addition to the standard deduction, which for a single filer in 2026 is $15,750. For example, a single senior earning $30,000 would deduct $15,750 (standard deduction) plus $6,000 (senior deduction), reducing taxable income to $8,250. Eligibility applies regardless of whether the taxpayer is receiving Social Security benefits. Social Security Taxation A proposal to eliminate federal taxation on Social Security income was not included in the final legislation. Social Security benefits may still be taxable depending on total income levels. Charitable Donations: New Above-the-Line Deduction Taxpayers may now deduct up to $2,000 in cash or check donations to qualified charitable organizations without itemizing deductions. Eligible organizations include churches, schools, and registered 501(c)(3) entities. Donations of goods, such as clothing or household items, do not qualify under this provision. Overtime Income Exemption Taxpayers may exempt up to $12,000 of qualified overtime income from taxable income. "Qualified overtime" refers specifically to the premium portion of overtime pay -- typically the additional 0.5 times the regular hourly rate when overtime is paid at 1.5 times the base wage. Only the premium portion qualifies for exclusion. Documentation Required: This information will not appear on Form W-2. Taxpayers must obtain employer-provided documentation detailing hours worked, regular rate of pay, and overtime earnings. Vehicle Purchase Interest Deduction Taxpayers who purchased a brand-new vehicle in 2025 (never previously sold) may deduct the interest paid on the auto loan. Requirements include: Vehicle Identification Number (VIN) must begin with 1, 4, or 5 Provide the VIN Provide proof of interest paid (finance documents or payment records) IRS Discontinues Paper Refund Checks Effective September 30, 2025, the Internal Revenue Service (Internal Revenue Service) will no longer issue paper refund checks. Taxpayers must receive refunds through: Direct deposit using a bank routing and account number, or A Chime card issued by Chime, which provides routing and account numbers. Taxpayers expecting refunds after this date must establish a qualifying account to avoid delays. Taxation of Tips In certain service industries -- primarily restaurants and similar establishments -- tips are no longer subject to taxation under the new rules. This exemption does not apply universally across all industries. Workers should verify eligibility based on their employment sector. Additional Filing Guidelines Filing Requirements for Young Workers and Independent Contractors - There is no minimum age requirement for filing a tax return. W-2 Employees: Young workers, including high school students with W-2 income, should file a return to recover any withheld taxes -- even if claimed as a dependent by parents. Independent Contractors (1099-NEC): Individuals earning more than $400 in self-employment income must file a return and pay Social Security and Medicare taxes. These earnings are reported on Schedule C. While federal income tax may not be owed at lower income levels, self-employment (FICA) taxes still apply. Commission Earners and Direct Sales Representatives Individuals earning commissions, such as direct sales representatives, may receive Form 1099-MISC. Those who purchase products for resale are generally considered independent contractors and receive Form 1099-NEC. Understanding the classification of income is essential for proper reporting and compliance. For additional information or assistance with tax preparation, contact Steadfast Accounting by clicking on their right side logo ad on ColumbiaMagazine.com . This story was posted on 2026-02-24 14:13:38
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