Get ready for the 2026 tax season now, the IRS advises. With the new tax year approaching, it's crucial to start organizing your tax records early to ensure accuracy and avoid delays in refunds. The IRS encourages taxpayers to visit IRS.gov/GetReady for helpful tips and recommendations before filing their returns. Here's a breakdown of what you need to gather:
- Bank account information
- W-2 forms from employers
- 1099 forms from banks and other payers
- Records of digital asset transactions
However, it's best to hold off on filing until you've received all your tax records, which should be available by early 2026. The 'One Big Beautiful Bill' enacted this summer could significantly impact federal taxes, credits, and deductions. Here are some key provisions to be aware of:
- Income tax, credits, and deductions: Tax inflation adjustments, senior deductions, no tax on tips, no tax on overtime, and no tax on car loan interest.
- Family and dependent credits: Enhanced adoption credit.
- Clean energy: Expiring clean vehicle credits and home energy credits.
Stay tuned for more updates as we approach the 2026 tax season. Remember, being proactive and organized now will make the tax filing process smoother and less stressful.
