2026 Financial Outlook: Higher Paychecks, "Trump Accounts," and New Tax Rules

2026 Financial Outlook: Higher paychecks, "Trump Accounts," and new tax rules

WASHINGTON D.C. — As 2026 approaches, American taxpayers are set to encounter a wave of significant financial shifts. From adjusted tax brackets that may boost take-home pay to a new generation of savings accounts for children, the landscape of personal finance is being reshaped by the “One Big Beautiful Bill” (OBBB) Act and annual inflation adjustments. Paycheck Boost: Inflation-Adjusted Brackets The most immediate change for many will be a sli…

IRS issues guidance on Trump accounts - WCS - CPA in Harford County MD

The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released guidance that sheds more light on the accounts and a temporary pilot program that will contribute $1,000 t…