The tax filing season in 2026 begins on January 26th.
Tax Season is Here! Get Ready for a Smooth Filing ExperienceIt's that time of the year again - tax season is upon us! If you're one of the millions of Americans who eagerly await their tax refunds, we've got some exciting news for you. The IRS has announced that it will begin accepting federal income tax filings on January 26th, 2026.
For those who are new to filing taxes or need a refresher, let's break down what this means. The IRS is the agency responsible for collecting and processing individual and business tax returns. Each year, millions of Americans file their taxes electronically or by mail, and the IRS uses this information to determine how much each person owes in taxes or if they're eligible for a refund.
So, what can you expect from this year's tax season? For starters, the IRS has made some significant changes that will impact your tax return. The "big, beautiful bill" act, signed into law by Republicans, has introduced several new tax breaks that are retroactive to 2025. These include eliminating taxes on overtime and tipped income, as well as lifting the cap on state and local taxes (SALT) from $10,000 to $40,000.
But what does this mean for you? If you're a worker who earns extra income through overtime or tips, you'll be happy to know that you won't have to pay taxes on these earnings. Additionally, if you live in a state with high property taxes, you may be eligible for a larger deduction on your SALT.
Now, let's talk about the elephant in the room - refunds! Who doesn't love receiving a big check from the IRS? According to the IRS, last year's average tax refund was almost $3,200. And this year, financial services company Piper Sandler predicts that refunds could be even larger, with an additional $1,000 added to the typical check.
But how long will it take for you to receive your refund? The answer depends on a few factors. If you file electronically, you can expect to receive your refund in less than 21 days. That means if you file your Form 1040 on January 26th, you could have your refund by February 16th - assuming there are no issues with your return.
On the other hand, if you submit a paper return, it may take longer for the IRS to process your paperwork. In this case, the "Where's My Refund" tool will require four weeks to provide information about your return. But don't worry, you can still use this tool to track the status of your refund.
To make sure you're prepared for tax season, here are a few tips:
* File electronically: Not only is it faster, but it also reduces the risk of errors and delays.
* Use the "Where's My Refund" tool: This handy tool will keep you informed about the status of your return.
* Don't wait until the last minute: Filing early can help avoid any last-minute stress and ensure that you receive your refund on time.
In conclusion, tax season is here, and it's time to get ready! With these changes and tips in mind, you'll be well-prepared to navigate the process with ease. So mark January 26th on your calendar and start gathering those documents - your refund is just around the corner!
Additional Resources:
* IRS Website: For more information about tax filing and refunds.
* "Where's My Refund" Tool: Track the status of your return in real-time.
* Tax Professionals: Consider consulting a tax professional to ensure you're taking advantage of all eligible deductions.
Stay tuned for more updates on tax season, and don't forget to follow us for the latest news and tips!
