Start the New Year Strong: Your Roadmap to Financial Success in 2026

Mandy Lynn Bohlken

Expert Contributor | Mandy Lynn Financial Mandy Lynn Financial

Plymouth - America's Hometown Jan 2026

With 2025 now behind us, it’s time to look ahead and prepare for a successful 2026. The key to achieving your personal and financial goals in the coming year is to start planning on January 1. By making thoughtful adjustments and setting clear objectives early, you give yourself a prominent start to the new year and a better chance to reach your targets.

Create a Comprehensive Plan

Developing a well-structured plan helps guide your decision making throughout the year. Consider your goals and the framework for your investments, particularly as they relate to your business. Reflect on whether you can adjust your withholdings in a way that will benefit your business over the long term. These questions should be at the forefront of your mind and are also important topics to discuss with your financial advisor.

Review Life Insurance Policies

As you begin the new year, make it a priority to review your life insurance policies. Carefully examine all term coverage to ensure it still aligns with your original intentions and to determine if any changes are necessary. Key aspects to review include confirming the named beneficiaries, assessing whether the death benefits are appropriate, and considering if ownership should be transferred to a trust. Explore whether changing trustees or other fiduciaries could help you and your family save on state taxes. Plan trust distributions thoughtfully to maximize income tax efficiency.

Understand 2026 Tax Changes

It’s crucial to stay informed about significant changes that will take effect in 2026 and assess how they might impact your business or personal tax filings. The IRS has announced annual inflation adjustments for tax year 2026 which will affect tax returns filed in 2027. Key changes include:

Standard Deductions:

Married Filing Jointly: $32,200 (up from $31,500 in 2025)
Single/Married Filing Separately: $16,100 (up from $15,750 in 2025)
Head of Household: $24,150 (up from $23,625 in 2025)
Tax Brackets: The top tax rate remains 37% for single filers earning over $640,600 and joint filers earning over $768,700. Other rates include 10%, 12%, 22%, 24%, 32%, and 35%.

Are you ready to capitalize on your investments? Please do not hesitate to contact me for more information at bohlkenmandy@gmail.com.