October 15 Tax Deadline

If you filed an extension for your 2025 tax return, the October 15 deadline is approaching. An extension provides additional time to file—not additional time to pay any tax owed.

Estimated Tax Review

The third-quarter estimated tax payment deadline was September 15. If your income has changed during 2026, now is a good time to review your withholding and estimated payments to avoid an unexpected tax bill.

For 2026, the IRS has two business mileage rates:

January 1–June 30, 2026: 72.5¢ per business mile

July 1–December 31, 2026: 76¢ per business mile

The IRS announced the mid-year increase to 76¢ effective July 1, 2026.

Year-end tax planning starts now!

Don’t wait until December—or next tax season—to discover that a tax-planning opportunity was missed.

If your income, business activity, investments, or withholding changed during 2026, this is a good time to review your tax situation.

E&L Tax Services, LLC

718-674-4281

Tax situations vary. Please consult your tax professional regarding your individual circumstances.