Overview
- The IRS has not announced when it will open the 2026 filing season, and taxpayers cannot submit returns until the agency sets the date.
- New provisions for 2025 returns include tax‑free tips up to $25,000 with income phaseouts, an overtime deduction up to $12,500 ($25,000 for joint filers), auto‑loan interest deductions up to $10,000 with income limits, a $6,000 deduction per eligible taxpayer age 65+, and a $2,200 Child Tax Credit.
- Paper refund checks are being phased out under a presidential order, so filers should provide bank information for direct deposit or open an account to avoid delays.
- Income from gig work, payment apps and online sales is taxable, with 1099‑K forms commonly issued by card processors for any amount and by marketplaces at $20,000 and 200 transactions, and taxpayers must report income and digital‑asset transactions even if no form arrives.
- A pilot for new Trump Accounts offers a $1,000 government contribution for eligible children born from 2025 through 2028, with annual contributions up to $5,000 and employer contributions excluded from taxable income up to $2,500.