Sellers CPA Tax Newsletter – June 2026 Summer Edition

Empowering You with Knowledge for a Stronger Financial Future via this tax newsletter.

Dear Valued Clients and Friends,

As we enter the heart of summer 2026, tax planning remains a dynamic landscape shaped by evolving legislation, executive actions, and ongoing congressional debates. At Sellers CPA, we are committed to keeping you informed with clear, actionable insights so you can navigate these changes confidently. This newsletter highlights key developments affecting individuals, families, and businesses this year. Recent Tax Law Updates and Inflation Adjustments for 2026The IRS has released updated inflation adjustments for tax year 2026, impacting everything from tax brackets and standard deductions to contribution limits for retirement accounts and HSAs. These annual updates help maintain the real value of thresholds amid economic shifts.

Key areas to watch include expanded opportunities for health savings accounts (HSAs), with bronze and catastrophic health plans now qualifying as HSA-compatible starting January 1, 2026, and direct primary care arrangements opening new contribution pathways for eligible individuals. Senior taxpayers may also benefit from enhanced deductions introduced in recent reforms. Businesses should review adjustments to depreciation, credits, and qualified business income provisions, which continue to influence cash flow and investment decisions. Proactive year-round planning—such as timing income and deductions or maximizing retirement contributions—can yield significant savings.

Quote to ponder: “The hardest thing to understand in the world is the income tax.” – Albert Einstein.

In times of change, understanding the rules is your greatest advantage.

Executive Orders Impacting Taxes and Personal Finance President Trump has issued several executive orders in 2025–2026 that influence personal finance, compliance, and economic opportunity:

• Financial System Integrity (May 2026): This order directs the Treasury to strengthen customer identification, combat payroll tax evasion, and address risks from unauthorized labor practices. It emphasizes accurate wage reporting and withholding, which could lead to closer scrutiny of employment arrangements and gig economy payments. Taxpayers with complex payroll or contractor relationships should ensure robust documentation.

• Retirement Savings Access (April 2026): Initiatives like TrumpIRA.gov aim to expand portable, low-cost IRA options for workers without employer plans, boost awareness of Saver’s Match contributions, and promote diversified investments. This supports long-term wealth building for independent contractors, part-timers, and small business owners.

• Housing and Mortgage Reforms (March 2026): Orders focus on reducing regulatory barriers to home construction, streamlining permitting, and improving access to mortgage credit—particularly for smaller lenders and rural buyers. These steps may enhance housing affordability and related tax incentives, such as those tied to Opportunity Zones.

Additional actions promote alternative asset access in 401(k)s and modernize federal payments, indirectly supporting better personal finance management. These orders signal a focus on reducing burdens and expanding opportunities, but they also underscore the need for compliance vigilance.

Quote to ponder: “The only way to make sense out of change is to plunge into it, move with it, and join the dance.” – Alan Watts.

Adapting strategically to these shifts positions you for success. Developments on Eliminating or Reforming Income TaxCongress continues to debate bold reforms aimed at reducing or restructuring the federal income tax system. The FairTax Act of 2025 (H.R. 25) remains active in the 119th Congress. It proposes replacing federal income, payroll, estate, and gift taxes with a national sales tax administered primarily by states, while abolishing the IRS. The bill includes provisions for a monthly “prebate” to offset taxes on essentials for households and calls for repealing the 16th Amendment within seven years. While not yet enacted, it reflects growing momentum for consumption-based taxation to promote simplicity, fairness, and economic growth.

Other proposals in 2026 include further relief measures, such as expanded exclusions on primary residence sales gains and potential rebates tied to tariff revenues. Discussions around no-tax-on-tips, overtime, and senior benefits have gained traction through prior actions, with millions already claiming relief. Broader conversations about income tax elimination or significant cuts continue, driven by goals of stimulating growth and returning more earnings to Americans. These ideas, while promising relief, carry complexities around implementation, revenue replacement, and transition. Monitoring progress is essential, as near-term possibilities could reshape planning for 2027 and beyond.

Quote to ponder: “In this world nothing can be said to be certain, except death and taxes.” – Benjamin Franklin.

Yet, proactive engagement with evolving policy can help minimize their impact.

Planning Considerations for the Remainder of 2026 - Tax newsletter highlight

With mid-year here, now is an excellent time to:

• Review estimated tax payments amid new withholding dynamics.

• Maximize available deductions for charitable giving, retirement, and health expenses.

• Evaluate investment strategies in light of capital gains rules and housing-related incentives.

• Prepare for potential shifts if further reform bills advance.

• Be sure you're subscribed to this tax newsletter

Economic uncertainty from tariffs, housing policy, and global factors also warrants diversified planning. At Sellers CPA, our team provides personalized strategies tailored to your unique situation. We encourage you to contact Carol Sellers today to book a paid consultation and ensure your tax and financial plans are optimized for 2026 and beyond. Reach us at (256) 825-8259 or carol@sellerscpa.net. Thank you for trusting Sellers CPA with your financial journey. We look forward to partnering with you for continued success. Warm regards,

Carol Sellers, CPA

Owner Sellers CPA LLC

Dadeville, AL

This newsletter is for informational purposes only and does not constitute tax or financial advice. Consult a qualified professional for your specific circumstances.