Bravera Bank

10/12/2026 | Press release | Distributed by Public on 10/12/2026 09:35

Key steps to prepare for tax filing in 2027

As we enter the final quarter of 2026, now is the time to review your tax situation and plan for year-end opportunities. Many taxpayers wait until they file their tax return to assess their tax liability, limiting their ability to make adjustments before the end of the year. Planning ahead can help provide greater clarity and reduce surprises at tax time.

For oil and gas taxpayers, be aware that oil prices were up in 2026, so this could affect your tax liability for the year. Make sure you have been tracking your oil and gas income, accounting for deductions and depletion to better understand your potential taxable income.

Now is the time to meet with your tax professional to project your 2026 tax liability in case you need to make an adjustment to your fourth-quarter estimate. This can help prevent an unexpected tax bill in 2027 when you file your return.

While there have been no major tax law changes specific to the oil and gas industry, several broader tax law changes for 2026 may affect your tax situation. Below are some key considerations and tax law changes for the 2026 tax year.

Prepare for tax filing by gathering documents, tracking expenses and understanding new tax rules under the One Big Beautiful Bill Act (OBBBA).

Gather essential documents

Income
  • Forms W-2 from employers
  • Forms 1099 for interest, dividends, freelance work or other income
  • Bank account information for direct deposit
  • Records of digital asset transactions
Expenses
  • Receipts, invoices, bank records, payroll data and business expense logs
Credits and deductions
  • Keep documentation for retirement contributions, education credits, state and local tax deductions and any new 2026-eligible deductions

Keeping documents organized ensures accurate reporting and helps identify deductions or credits that might otherwise be overlooked.

Filing deadline

The filing deadline is April 15, 2027, unless you request an extension by that date. Filing an extension does not extend the deadline for paying any taxes owed.

The biggest changes under OBBBA for the 2027 filing season:

Higher standard deduction amounts
  • Single: $16,100
  • Married filing jointly: $32,200
  • Head of household: $24,150
Temporary OBBBA senior bonus deduction
  • A new temporary senior bonus deduction offers up to $6,000 for single filers and $12,000 for married filers who are age 65 or older, subject to adjusted gross income limitations
State and local tax (SALT) deduction
  • The SALT deduction cap increases to $40,400 for 2026 for those taxpayers who itemize their deductions on Schedule A
Charitable deduction for standard deduction filers
  • $1,000 for single and head-of-household filers
  • $2,000 for married filing jointly
  • Cash contributions made to public charities only
401(k) and IRA contribution limits
  • 401(k) employee elective deferral limit: $24,500, with a standard catch-up of $8,000 for age 50 and older
  • Traditional and Roth IRA contribution limits: $7,500, with a standard catch-up of $1,100 for a total of $8,600
Estate and gift tax
  • Estate and lifetime gift tax exemption in 2026 is $15 million per individual ($30 million per couple) with a 40% tax rate
  • OBBBA permanently increased the exemption to $15 million per individual ($30 million per couple) indexed annually for inflation
  • Annual gift tax exemption in 2026 is $19,000 per individual (married couples can give up to $38,000 to the same individual)
As year-end approaches, take time to evaluate how recent tax law changes and higher oil and gas income may affect your tax situation. Working with a qualified tax professional can help you project your taxable income, review available deductions and credits and make any necessary adjustments before year-end. Proactive planning today can help you approach the 2027 filing season with greater confidence and fewer surprises.

This article was produced by AdvisorStream. Read the original article here.

Products and services offered through Bravera Wealth are not a deposit, not FDIC insured, not insured by any federal government agency, not financial institution guaranteed and may be subject to investment risk, including loss of principal amount invested.

Bravera Bank published this content on October 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on October 12, 2026 at 15:35 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]