It’s time for tax fireworks!
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July gets off to a spectacular start thanks to America’s annual birthday celebration on July 4.
It’s a flashy way to begin the month. However, as we head into the heart (and heat) of summer, tax urgency slows a bit, too. That means this season’s tax tips approach will be a bit more casual.
But not to worry! The July tax tips might not be as frequent, but those posted still will offer plenty of seasonally hot ways to reduce your 2026 tax bill.
Tax law changes, take two: This year, we get another shot at some of the tax law changes that were implemented for our 2025 taxes in the middle of that year.
After that surprise, retroactive introduction, we get a bit more time now to plan for claiming tax breaks on tip income, new auto loan interest, the older filers’ tax deduction bonus, and more.
Plus, the One Big Beautiful Bill’s new Trump Account that offers an investment option for young people is now in effect.
Advice for extended filers, too: And, of course, we’ll have some tips (and nagging reminders) for those who extended their 2026 Tax Day until Oct. 15.
No judgement here. It’s always better to file later (with the Internal Revenue Service’s Form 4868 permission) rather than rush things in April and make a costly 1040 mistake.
If that’s you, you also can go back and check the January through April tips — you’ll find links at the end of this post — for more to help you finish this year’s filing.
OK, I appreciate you stopping by the July Tax Tips page, but I’m not a tax fool. I know you’d rather be enjoying the summer rather than discussing tax moves.
So, since you’re here because you’re looking for some tax help, so let’s get to it with this month’s tax tips!
- Don’t miss the July 10 COVID penalty tax refund filing deadline — The Internal Revenue Service is appealing a federal court ruling that it improperly collected tax penalties and interest during the COVID pandemic. That legal process will take a while, but if the IRS loses and you were penalized, you need to take these steps to take by July 10 to claim your refund of the improper COVID charges you were assessed. (June 29, 2026)
Yes, the end-of-June date is correct, but since you might have missed it while making July 4th party plans, it gets a repeat to kick off July’s tax tips. Now, to July proper!
… - July’s arrival means it’s time for mid-year tax moves — July obviously means Fourth of July celebrations in the United States. But this summer month is full of other activities, including some tax-related moves you should consider. Here are six suggestions. (July 1, 2026)
- A look at federal holidays and taxes on July 3 and July 4 celebration days — No, July 3 is not officially Independence Day, but federal (and some other) workers got this pre-holiday Day Friday off from work. July 4, on Saturday this year, still is the day celebrating the signing of the Declaration of Independence 250 years ago. A couple of other official holidays also are always commemorated on their actual dates. But many have been moved to Monday holidays. And sometimes, official holiday dates do affect our federal taxes. (July 3, 2026)
- Independence Day flag and tax tidbits — Fireworks are the stars each July 4th, but the Stars and Stripes get plenty of attention, too, on Independence Day. Here’s a look at Old Glory’s history, along with some patriotic (and potentially tax savings) tax tidbits. (July 4, 2026)
- Tips on opening a now-available Trump Account for young savers — It’s never too early for children to learn solid money lessons. The new Trump Account, which became available on July 4, now offers them a tax-advantaged way to invest. Here are some tips on setting up, and maximizing, this new retirement/education savings option. (July 6, 2026)
- Consumer spending, economic sentiment, and sales taxes — U.S. consumers complain about higher prices, but they still are paying them, largely through increased use of credit cards. While taxes generally are not a major price component, sales taxes do add to most products’ final retail costs. They also are tax deductible if you still itemize. (July 7, 2026)
- 19 sales tax holidays in summer 2026: 7 in July, 12 in August — It’s prime vacation season, but six states and a U.S. territory already are thinking about when youngsters will return to classrooms. Those locales are helping parents prepare by offering back-to-school tax holidays this summer. The first one is this weekend, July 10-12, in Mississippi. A dozen more such tax-related events are planned across the United States in August. (July 9, 2026)
- Make sure you pick a reputable tax preparer — Three Texas tax pros were sentenced this week to federal prison for filing false federal returns. Investigators say some clients knew of the scheme, but others did not. The criminal case highlights why it’s important to ensure a tax preparer is reputable. (July 10, 2026
- Automatic IRS penalty relief is on its way to some taxpayers — The Internal Revenue Service is phasing in a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time. Eligible taxpayers will no longer need to ask for the relief, meaning potentially millions more filers won’t end up paying extra to Uncle Sam. (July 13, 2026)
- Tax-deductible standard mileage rates increased for last half of 2026 — Good news for taxpayers who use their vehicles for business, medical or, in certain cases, moving purposes. The Internal Revenue Service has hiked the standard per-mile tax deduction rates for these trips during the last half of 2026. (July 16, 2026)
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I can’t tell you how thrilled I am that you want more tax tips. If the more laconic level of July is too slow for you, you can check out the already-posted tips from earlier this year. The monthly Tax Tips page links below are live, in the sense that like this one, the links will open instead of going to my 404 page.
However, only the January through June ones have tax tips. You can click on August through December if you want (sort of the tax version of hitting all the buttons in an elevator), but since those months aren’t here yet, their tax tips pages don’t have any advice.
Instead, you’ll just find an enthusiastic fellow telling you to whoa up! (Image the Texas twang associated with that phrase. 😉)
Again, I appreciate your wanting more tax tips, and your patience on waiting for them to be posted.
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