Last updated: September 29, 2026
General information for the 2026 tax year, current as of September 29, 2026. Your own return depends on your situation; bring your questions to your appointment.
In short: Before December 31, 2026, bring your books up to date, collect a Form W-9 from every contractor, and keep a dated mileage log. In early 2027, W-2s and 1099-NECs are due February 1, partnership and S corporation returns March 15, and C corporation and sole proprietor returns April 15. For 2026 payments, Form 1099-NEC is required only for contractors paid $2,000 or more.
Before December 31, 2026
- Bring your books up to date and reconcile every bank and credit card account (bookkeeping help)
- Collect a Form W-9 from every contractor you paid, and total what you paid each one
- If you file 10 or more W-2s and 1099s in total, you must e-file; the IRS's FIRE system closes November 19, 2026, so set up the free IRIS portal
- Keep a dated mileage log for business driving
- Check that your payroll will report tips and qualified overtime on 2026 W-2s
- Keep invoices, with dates placed in service, for equipment and vehicles you bought
- Plan the last 2026 estimated tax payment, due January 15, 2027
- Decide on New York's 2027 PTET election (due March 15, 2027) and any S corporation election for 2027 (Form 2553, due March 15, 2027 for a calendar-year business)
What's New for 2026
| Change | The 2026 rule |
|---|---|
| 1099-NEC and 1099-MISC threshold | $2,000 for payments made after December 31, 2025 (was $600); attorney gross proceeds stay at $600. |
| Filing information returns | W-2s and 1099-NECs are due February 1, 2027. The IRS's IRIS portal replaces the FIRE system, which closes November 19, 2026. E-filing is required for 10 or more returns in total. |
| Tips and overtime on W-2s | Report tips in box 12, code TP, with the occupation code in box 14b, and qualified overtime in box 12, code TT. The IRS says there's no relief for missing overtime reporting after 2025. |
| Business mileage rate | 72.5 cents a mile for January through June 2026 and 76 cents for July through December 2026. |
| Bonus depreciation | 100% for qualified property acquired after January 19, 2025, now permanent. New York State and City don't follow it, so state and city depreciation differs. |
| Section 179 expensing | Up to $2,560,000, reduced once more than $4,090,000 of property is placed in service in the year. |
| Qualified business income deduction | Now permanent, with a new minimum deduction of $400 for owners with at least $1,000 of income from a business they actively run. |
| Tip credit for beauty businesses | Barbering and hair care, nail care, esthetics, and body and spa businesses can now claim the federal credit for Social Security and Medicare tax on employees' tips. |
| Beneficial ownership reporting | Companies formed in the United States are exempt from FinCEN reporting under a rule made final in August 2026. |
| Payroll numbers | Social Security wage base $184,500; New York City minimum wage $17.00 an hour; New York Paid Family Leave 0.432% of wages, up to $411.91. |
New York Sales Tax Dates
| Sales tax quarter | Return due |
|---|---|
| September 1 to November 30, 2026 | December 21, 2026 |
| December 1, 2026 to February 28, 2027 | March 22, 2027 |
| March 1 to May 31, 2027 | June 21, 2027 |
A return is due even for a quarter with no sales. Businesses that owe $3,000 or less a year can file annually, and those with $300,000 or more in taxable receipts in a quarter file monthly. The combined rate in New York City is 8.875%. More on registering and filing: New York sales tax.
When 2026 Business Returns Are Due
| Return | Due | With an extension |
|---|---|---|
| Partnerships and multi-member LLCs (Form 1065, New York IT-204, NYC-204) | March 15, 2027 | September 15, 2027 (federal) |
| S corporations (Form 1120-S and the New York S corporation return) | March 15, 2027 | September 15, 2027 (federal) |
| C corporations (Form 1120 and the New York corporation return) | April 15, 2027 | October 15, 2027 (federal) |
| Sole proprietors and single-member LLCs (Schedule C with Form 1040; NYC-202 if the city unincorporated business tax applies) | April 15, 2027 | October 15, 2027 (federal) |
Documents to Bring
- Bank and credit card statements for all 12 months, or your finished books
- Sales records and the sales tax returns you filed in 2026
- Payroll reports, W-2s and W-3, and your 2026 Forms 941, 940 and NYS-45
- 1099s you received, 1099s you issued, and W-9s from contractors
- Receipts and bills for business expenses
- Invoices for equipment and vehicles, with the date each was placed in service
- Mileage log or actual vehicle costs
- Loan and lease statements
- Records of 2026 estimated tax payments, federal, New York and New York City
- Last year's business return; for a new business, your EIN letter and formation documents
Need help with the numbers? See small business accounting and bookkeeping services.
Sources
Checked September 29, 2026. Dates in 2027 follow the published rules; the IRS and New York have not released their 2027 calendars yet, and we will update this page if a date moves.
- IRS instructions for Forms 1099-MISC and 1099-NEC (2026), June 25, 2026
- IRS general instructions for Forms W-2 and W-3 (2026), January 29, 2026
- IRS: information return e-file system transition (IR-2026-99), August 24, 2026
- IRS standard mileage rates, updated July 28, 2026
- IRS: additional first-year depreciation guidance (IR-2026-06), January 14, 2026
- IRS Revenue Procedure 2025-32 (2026 inflation adjustments), October 9, 2025
- IRS Publication 15 (2026), Employer's Tax Guide, December 15, 2025
- FinCEN: beneficial ownership information, updated August 11, 2026
- New York Department of State: beneficial ownership disclosure FAQ, December 23, 2025
- New York Tax Department: pass-through entity tax
- New York Tax Department: sales tax filing requirements
- New York Tax Department: IT-398, New York depreciation
- New York State Department of Labor: minimum wage
- New York Paid Family Leave: 2026 rates
Common Questions
Do I still send a 1099-NEC to a contractor I paid $600?
Not for 2026 payments. Form 1099-NEC is now required only when you paid a contractor $2,000 or more in the year. Some payments, such as gross proceeds paid to an attorney, still use $600.
When are W-2s and 1099-NECs due in 2027?
Monday, February 1, 2027, to the IRS or Social Security Administration and to your workers, because January 31, 2027 is a Sunday.
What mileage rate do I use for 2026?
72.5 cents a mile for business driving from January 1 to June 30, 2026, and 76 cents from July 1 to December 31, 2026. Keep a log that shows the dates.
Does my LLC have to report its owners?
Not federally: a FinCEN rule made final in August 2026 exempts companies formed in the United States. New York's LLC Transparency Act covers only LLCs formed outside the United States that are registered to do business in New York; LLCs formed in New York are exempt.
Can my business still make New York's PTET election for 2026?
No. The 2026 election window closed in March 2026. The election for 2027 must be made online between January 1 and March 15, 2027, by an authorized person at the business; a tax preparer can't make it for you.