2026 Tax Law Changes: What the OBBBA Means for Your Financial Plan

The passage of the OBBBA permanently reshaped several areas of the tax code, creating new opportunities — and new planning considerations — for individuals and families heading into 2026. While the headlines focus on “tax cuts,” the real impact depends on how these changes interact with your income, assets, and long-term goals.

This resource is designed to help you identify which OBBBA provisions may apply to you and why they deserve attention as part of a broader planning process.

Key areas of focus include the new senior deduction, which provides up to $6,000 per eligible person age 65 or older, subject to income phaseouts. For many households, this deduction can subtly change the effectiveness of strategies such as Roth conversions, capital gain harvesting, or charitable giving.

The expanded SALT deduction, now capped at $40,400, may materially affect planning for individuals living in high-tax states. While this increase can make certain strategies more attractive, it also introduces new income thresholds that must be monitored carefully.

The OBBBA also introduced special deductions related to major purchases, including interest deductions for qualifying U.S.-assembled vehicles and expanded considerations for homebuyers, such as the deductibility of PMI. These benefits are often overlooked — and they phase out based on income, making timing and coordination especially important.

This checklist-style guide is not meant to prompt immediate action. Instead, it helps you recognize where the rules have changed and where a thoughtful review could improve outcomes. Even if your life looks the same on paper, the planning environment has shifted — and understanding these changes is the first step toward making informed, intentional decisions in 2026 and beyond.