Frequently Asked Questions

What is new for 2026?

  • Trump Accounts

    • Each child born on or after January 1, 2025 should have received an initial deposit of $1,000. Please go to https://trumpaccounts.gov/ to claim your child's account. If they are under 18 years of age and have a valid SSN, an account should also have been set up but without the $1,000 initial deposit, but you may be able to contribute additional funds to their accounts.

  • One Big Beautiful Bill highlights

    • Even if you don’t itemize, you may be able to deduct up to $1,000 in charitable contributions you are single and $2000 in charitable contributions if you are married.

    • You may only deduct charitable contributions that exceed .5% of AGI.

    • The standard deduction increased to $16,100 for single filers and $32,200 for married filers. Those over 65 get an additional $2,050 per taxpayer

  • IRS began the phaseout of paper refund checks beginning September 30, 2025 so be sure to provide your direct deposit information if you don’t want your refunds to be delayed.

  • What is new for 2027?

  • Colorado Amendment 87

    • Graduated Income Tax System: Amendment 87 changes Colorado’s tax code by replacing the state's uniform/flat income tax rate with a graduated income tax structure. Some of you will see your 2027 taxes go down and some will see them go up. The follow are the tax rates based on your 2027 Colorado taxable income.

      • $25,000 or less 3.7%

      • $25,000 to $100,000 4.2%

      • $100,000 to $500,000 4.4% (no change from 2026)

      • $500,000 to $750,000 7.4%

      • $750,000 to $1,000,000 7.9%

      • Above $1,000,000 8.4%

  • What is the due date of my 2026 tax returns?

  • April 15, 2027 & extended due date October 15, 2027

    • Form 1040 individual income tax return

    • Form 1041 trust tax return

    • Form 709 gift tax return

    • Form 1120 C-corporation tax return

  • March 15, 2027 & extended due date September 15, 2027

    • Form 1065 partnership tax return

    • Form 1120 S-corporation tax return

    May 17, 2027 & extended due date November 15, 2027

    • Form 990 and Form 990-EZ nonprofit tax returns (calendar year filers only)

Where shall I go to pay my income taxes and estimated tax payments online?

https://www.irs.gov/payments/direct-pay

https://www.colorado.gov/pacific/tax/income-tax-individual-pay

What is the due date for my quarterly estimated income tax payments for 2027?

For 2026 taxes, the due dates for estimated payments are as follows:

  • 1st quarter = April 15, 2027

  • 2nd quarter = June 15, 2027

  • 3rd quarter = September 15, 2027

  • 4th quarter = January 17, 2028

What is the due date to make a contribution to my retirement account or health savings account for tax year 2026?

April 15, 2027 for the following:

  • Traditional IRAs

  • Roth IRAs

  • HSA’s

  • SEP IRAs and solo 401(k)s for sole proprietors (Schedule C) only

Important! If your business is an S-corporation (Form 1120-S) or a Partnership (Form 1065), the due date is March 15, 2027. If you extended either of these business tax returns, the retirement contributions due date is also extended until September 15, 2025.

How long will it take for me to receive my income tax refund?

Most refunds are sent within about 10 days after we electronically file your income tax returns. Requesting direct deposit into your bank account will help your refund to get there faster and is actually safer than having it mailed. You can check the status of your refund here:

IRS Business Mileage Rates

If you used your automobile for business purposes (not including commuting) you may deduct and 72.5 cents per mile for the first 6 months of 2026 and 76 cents per mile for the second 6 months of 2026. You must keep a mileage log (an app is fine) to record the date and business purpose for your trip.