Essential Tax Resources for Small Business Owners in 2026

1. IRS Small Business Online Tools and Filing Resources

The IRS continues to expand its online tools to make tax filing easier for individuals and small businesses. The 2026 filing season opens January 26, 2026, and the IRS is encouraging taxpayers to take advantage of several digital resources to prepare, file, and manage their taxes. [irs.gov]

Key IRS resources to use:

• IRS Online Account: Check balances, make payments, and access tax records. [irs.gov]
• Updated Tax Forms: A new Schedule 1?A allows taxpayers to claim recently enacted deductions, including enhanced benefits like nontaxable tips and overtime. [irs.gov]
• Electronic Filing Tools: With paper check refunds being phased out, the IRS strongly recommends direct deposit into a bank account—your credit union can help you set this up quickly. [irs.gov]

2. 2026 Tax Deductions & Credits: What’s Changing

Several major tax benefits—especially those tied to the 2017 Tax Cuts and Jobs Act—shift or expire in 2026. Understanding these changes can help you prepare your finances and tax strategy now.

Major Changes for 2026:

• Qualified Business Income (QBI) Deduction Ends - The 20% pass?through deduction sunsets January 1, 2026, representing the largest potential tax increase for small business owners. Businesses earning $100K–$350K+ may see tax increases ranging from $6,000 to $22,000 without planning. [unclekam.com]
• Higher Personal Tax Rates - Pass?through entrepreneurs (LLCs, sole proprietors, S?Corps) will face higher marginal tax brackets as rates shift upward (e.g., 22% → 28%). [unclekam.com]
• Lower Standard Deduction - The reduced standard deduction means more taxable income before deductions even begin. Many owners could see an immediate increase of $2,000–$4,000+. [unclekam.com]
• Changes to Bonus Depreciation and Expensing - Under the One Big Beautiful Bill Act (OBBBA), 100% bonus depreciation and other business?friendly provisions continue or are revived, helping offset some tax increases. [grantthornton.com]

3. Small Business Deduction Checklists for 2026

Reliable deduction planning can protect your bottom line. Several 2026?specific guides outline what owners should track to maximize tax efficiency.

Key Deduction Categories to Focus On:

• Capital Expenses & Depreciation – Many businesses can continue leveraging 100% bonus depreciation for qualifying property. [jajohnsoncpa.com]
• Home Office Deduction – Either the simplified method ($5 per sq. ft up to 300 sq. ft) or actual expense method; detailed documentation is required. [instead.com]
• Employee & Contractor Compensation – Wages, benefits, and certain credits such as the Work Opportunity Tax Credit remain available. [jajohnsoncpa.com]
• Operational Expenses – Utilities, rent, software, supplies, and business insurance are fully deductible when properly documented. [gavtax.com]
• Business Travel & Meals – Travel expenses and 50% of qualifying business meals remain deductible with proper records. [gavtax.com]

4. Planning Ahead: Why Early Tax Preparation Matters

With multiple tax rules reverting or changing in 2026, preparation now is essential. Industry experts emphasize that the best tax outcomes come from early planning, accurate records, and proactive decision?making—not last?minute filing. [gavtax.com]

Recommended actions for business owners:

• Reevaluate your business structure ahead of 2026 if you rely heavily on the QBI deduction.
• Review pricing, compensation, and investment timing as certain tax benefits phase out. [gavtax.com]
• Meet with a tax professional before year?end to build a 2026 tax strategy tailored to your business.

5. How Your Credit Union Can Support You

As a member?focused financial partner, your credit union can support your business tax readiness by helping you:

• Open or optimize business checking and savings accounts for tax payments and direct deposit refunds.
• Review financing options for equipment purchases that may qualify for Section 179 or bonus depreciation.
• Connect with trusted local CPAs and financial professionals.
• Provide financial planning assistance to prepare for the changing tax landscape.

Final Thoughts

Small business owners face a shifting tax environment in 2026—but with the right resources and proactive planning, you can stay ahead of these changes. Your credit union is here to help you navigate the filing season with confidence, clarity, and the financial tools you need to thrive.

If you have questions or would like personalized financial guidance, reach out to our business services team anytime. We’re here to support your success—today and every tax season.