Overview
- The IRS has not announced the 2026 filing start date and is urging taxpayers to prepare now by setting up an IRS Individual Online Account.
- Paper refund checks have been phased out for most individual filers, so banking details for direct deposit are required to receive refunds.
- New 2025 provisions include tax relief for tips up to $25,000 and overtime pay up to $12,500 ($25,000 for joint filers), a deduction for car‑loan interest up to $10,000, and an additional $6,000 deduction per eligible senior, with income phaseouts applying.
- Anyone who bought, sold or received digital assets must answer the Form 1040 digital‑asset question, and payment platforms must issue Form 1099‑K by Jan. 31 under current thresholds (payment cards for any amount; apps/marketplaces over $20,000 and more than 200 transactions).
- For families, the Child Tax Credit rises to $2,200 for 2025 with identification rules for claiming certain dependent credits, and a pilot “Trump Account” offers a $1,000 government contribution for eligible children born 2025–2028.