The 2026 tax filing season for taxpayers in the US is nearing. Before filing tax returns, US taxpayers need to be aware of the new tax laws effective in the 2026 filing season and the tax-saving provisions established by the ‘One, Big, Beautiful Bill’ Act.
The IRS has set January 26, 2026, as the opening date for the 2026 filing season. Taxpayers must submit their 2025 tax returns and pay any due taxes by the deadline of April 15, 2026. IRS Individual Online Account helps taxpayers access their individual online account information, including balance due, payments made or scheduled, tax records, and more.
The IRS Free File program is accepting individual tax returns starting Friday, January 9, for qualified taxpayers. Taxpayers comfortable preparing their own taxes can use IRS Free File Fillable Forms starting January 26, regardless of income. The last date for all taxpayers remains April 15, 2026.
The IRS expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically. Refund status information is generally available around 24 hours after e-filing a current-year return, or four weeks after filing a paper return.
One, Big, Beautiful Bill and Taxes
This year, several new tax law provisions of the One, Big, Beautiful Bill became effective, which could impact federal taxes, credits and deductions. One, Big, Beautiful Provisions provides information that could help lower tax bills and potentially increase refund amounts. IRS information systems have been updated to incorporate the new tax laws and help process taxpayer returns during the filing season.
Tax Filing 2026: What’s New
New Schedule 1-A: Under the One, Big, Beautiful Bill, workers may be eligible for new deductions for tax years 2025 through 2028 if they received qualified tips. For tipped workers, the maximum annual deduction is $25,000, which phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
For tax years 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay. The maximum annual deduction is $12,500 ($25,000 for joint filers) and the deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
Taxpayers can use the new Schedule 1-A to claim recently enacted tax deductions, such as no tax on tips, no tax on overtime, no tax on car loan interest and the enhanced deduction for seniors.
Trump Accounts: The Trump administration has announced a new savings program for American children called Trump Accounts. Parents, guardians and other authorized individuals can establish a new type of individual retirement account for their children. Enrollment for Trump Accounts begins with your 2025 tax filing or via an online portal to be ready by summer 2026. The contributions will be accepted starting July 4, 2026 and the Trump Account Program rollout begins July 5, 2026.
Open a bank account: The IRS strongly encourages taxpayers to establish a bank account to receive their tax refunds via direct deposit, because the IRS is phasing out paper tax refund checks.
Forms 1099-K and 1099-DA: Some taxpayers are receiving Forms 1099-K and 1099-DA from the tax department. Form 1099-K, Payment Card and Third Party Network Transactions, has to be used to report payments received from credit cards, payments apps and online marketplaces. Form 1099-DA, Digital Assets, is used to report digital asset proceeds from broker transactions. Taxpayers must report all taxable income on their federal tax returns, even if they don’t receive either form.
How to file
Taxpayers should review IRS guidance before choosing a tax professional, including tips on choosing a reputable preparer and how to avoid unethical preparers. Military members and some veterans can use the Department of Defense program, MilTax, for free return preparation and e-filing software. Further, the Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs offer no-cost, basic tax preparation to qualified individuals.