The Internal Revenue Service (IRS) officially launched the 2026 federal tax filing season, enabling taxpayers to begin submitting their returns for the 2025 tax year. As in previous years, the agency expects to process around 164 million individual tax returns by the April 15, 2026, filing deadline. This marks the beginning of what will be a busy tax season, with millions of taxpayers across the United States preparing to meet their annual filing obligations.
The 2026 tax season is particularly noteworthy due to the introduction of significant changes stemming from the One, Big, Beautiful Bill Act. This new legislation has brought about revisions to several key elements of the U.S. tax code, including changes to tax credits, deductions, and eligibility requirements that could impact both individual and business taxpayers. These changes are likely to affect refund amounts, tax liabilities, and the strategies taxpayers employ to manage their tax filings.
For individual taxpayers, the most significant impact is expected to come from adjustments to existing tax credits, such as the Child Tax Credit and the Earned Income Tax Credit. These changes could result in higher or lower refund amounts depending on an individual’s personal financial situation. Additionally, new or expanded deductions may offer opportunities for taxpayers to reduce their taxable income, though it will be crucial for people to understand the eligibility criteria and limits set by the IRS.
Small businesses will also see changes that could influence their tax filings. The updated provisions may include new deductions aimed at stimulating growth or changes to how certain business expenses are treated for tax purposes. Business owners may find themselves needing to revisit their financial plans and accounting systems to ensure they are compliant with the new rules. These changes could also have an impact on cash flow forecasting, so it’s important for small businesses to adjust their strategies accordingly.
The IRS has made efforts to ensure taxpayers are equipped with the tools they need to navigate the changes in the tax code. To assist with the filing process, the agency has launched a range of online resources designed to help taxpayers understand the new provisions, provide guidance on filling out updated forms, and clarify any filing requirements that may have shifted as a result of the One, Big, Beautiful Bill Act. These online tools are available to everyone from individuals filing their personal returns to business owners managing more complex filings. The IRS encourages taxpayers to take advantage of these resources, which will allow them to better understand the specific changes that may affect them.
In addition to the updated provisions and tools, the IRS has once again emphasized the importance of electronic filing. E-filing remains the most efficient, secure, and accurate method for submitting returns. Taxpayers who file electronically often enjoy faster processing times and quicker refunds. For those expecting a refund, using direct deposit is the fastest way to receive the funds, and the IRS continues to encourage taxpayers to choose this option for speed and security.
As the filing deadline of April 15 approaches, the IRS urges taxpayers to start preparing their returns early, especially with the potential complexity of the new provisions. Early filing not only ensures that taxpayers comply with deadlines but also gives them a chance to resolve any issues or errors in their returns well ahead of the deadline. While there are always last-minute filers, getting started early can help reduce the stress that often accompanies tax season and ensure that individuals and businesses have ample time to gather the necessary information.
For those who need more time, the IRS allows taxpayers to request an extension. However, it is important to note that an extension to file does not grant an extension to pay any taxes owed. Taxpayers must still estimate and pay any taxes due by the April 15 deadline to avoid penalties and interest. The IRS encourages those who may owe taxes to make estimated payments to avoid surprises when they file their returns.
This year’s tax season is expected to be one of the most impactful in recent years due to the broad scope of changes implemented by the One, Big, Beautiful Bill Act. With so many individuals and businesses affected by these updates, it will be essential for taxpayers to stay informed and consult available resources. Whether it’s through using IRS-provided tools, seeking professional assistance, or staying up-to-date with the latest guidance, the goal is to make the filing process as smooth and accurate as possible. As always, taxpayers should aim to file their returns promptly and accurately to ensure they meet the deadline and avoid penalties. With several months left until the deadline, now is the time for everyone to take stock of their financial situation and ensure they are ready for the 2026 filing season.