The 2026 tax season officially starts today. Taxpayers may notice some changes, as new rules were passed in 2025.
Key changes include higher standard deductions, and increase in the child tax credit.
People 65 and older can claim an extra deduction if their income is below certain levels. New deductions are available for car loans on qualified vehicles, tips, and overtime pay, but may require filling out new forms.
Casual online sellers will now only receive a 1099-K if they earn over $20,000 and have more than 200 transactions, up from previous thresholds.
According to Kiplinger.com some taxpayers could see refunds increase by about $1,000 by claiming all eligible tax breaks.
However, refunds may be slow in coming as the IRS is also updating its systems, so longer wait times and slower processing can be expected.