US EditionTax Season Kicks Off with New Form and Expanded Deductions
New tax deductions include up to $25,000 for tips and $10,000 for car loan interest, with over 60% of filers receiving refunds, IRS data shows.
- On Monday, January 26, 2026, the Internal Revenue Service opened the filing window and expects about 164 million individual returns this year.
- After the Big Beautiful Act passed last summer, Congress enacted major tax-law changes and established Schedule 1-A for claiming the law's exclusions and deductions.
- The law allows a deduction up to $25,000 for qualified tips, $12,500 for overtime half-portion, and $10,000 for car-loan interest with U.S.-assembled vehicles and VIN reporting, while W-2 forms will not be updated this year.
- Experts including University of New Mexico economist Reilly White and Treasury officials say refunds will be bigger this season, urging filers to get organized, e-file, use direct deposit, and access free options like IRS Free File and Volunteer Income Tax Assistance.
- W-2s are due on Feb. 2, and taxpayers must file by April 15, 2026; the Internal Revenue Service expects most EITC and ACTC refunds by March 2, 2026, with extensions available through Oct. 15, 2026.
13 Articles
13 Articles
What to know about bigger refunds and this year's deadlines as tax season begins
The filing window for 2025 federal tax returns opened on Monday January 26, starting a day earlier than last year and extending through the deadline of April 15, 2026.This year will see new deductions available, including for certain tips and overtime pay and up to $6,000 for seniors over 65 who paid taxes on Social Security payments. These deductions will be managed through a new form called Schedule 1-A.These changes may result in higher tax r…
Bigger tax refunds in 2026? IRS opens filing season as Trump tax breaks hit returns
WASHINGTON, Jan 26, 2026, 03:33 EST The Internal Revenue Service started accepting 2025 federal income tax returns on Monday, kicking off a season expected to see roughly 164 million filings by the April 15 deadline. This year, taxpayers will need to attach a new Schedule 1-A to Form 1040 for several deductions. “Our focus this filing season is to deliver improvements and effective service for taxpayers,” Acting IRS Commissioner Scott Bessent sa…
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