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By Suzanne Blake
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As tax season comes underway, there are a few tax changes this year that filers should be aware of.
The Internal Revenue Service (IRS) also will start accepting taxes as early as January 26, but most Americans will wait several more weeks before finalizing their returns.
Why It Matters
Taxes are due on April 15 unless you file for an extension with the IRS. Missing this deadline can lead to serious issues, ranging from a failure to file penalty to interest on unpaid taxes or even the loss of your refund.
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When Does the IRS Start Accepting Taxes?
Americans can start filing for taxes on January 26, and experts say the earlier you file, the better.
“While you want to make sure you have all the necessary paperwork and spend time double-checking all necessary documentation to ensure it's correct, the general rule is the sooner you can get your return submitted, the better,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
He added: “Submitting sooner ensures a faster refund, more time to correct any errors if they do appear, and, as an added bonus, it makes you less likely to be affected by identity theft, which has been on the rise during the tax season.”
Are 2026 Tax Forms Available Yet?
The 2026 tax forms are not yet available, but the forms are expected to be ready once the IRS officially opens this year's tax filing.
“Filing opens January 26th. File immediately,” Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek. “Returns should be a little extra juicy this year. This isn't a windfall. It's your money finally coming back because the IRS chose not to update withholding tables after last summer's tax law changes. You've been giving Uncle Sam a six-month interest-free loan.”
What Are the New Tax Rules for 2026?
This year, several tax changes are on the horizon.
For one, the state and local tax (SALT) deduction jumped from $10,000 to $40,000.
“If you're in a high-tax state and own property, this is huge. But here's the thing. Most middle-class renters won't benefit from this at all. It's poorly targeted relief,” Ryan said.
Tips and overtime income will also get exemptions under President Donald Trump's One Big Beautiful Bill Act. Workers can deduct up to $25,000 in tips and $12,500 in overtime under the new changes.
“Tips and overtime income got exemptions, but they're income-phased and complex,” Ryan said. “Document everything meticulously. The IRS won't give you the benefit of the doubt if your records are sloppy.”
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What People Are Saying
Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: “From tip income deductions to increased SALT caps, there are also a number of revisions this year that could be applicable to filers. Even if you submit returns through an automated online service, read over changes in advance, and if you have questions or don't feel your returns reflect those differences, ask to speak to a live agent. You don't want to leave money on the table.”
Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com, told Newsweek: “Bigger refunds are a political magic trick. They feel good but mean you had less money in every paycheck when you actually needed it. To invest, pay down debt, or cover rising costs. They just want everyone to think the higher tax returns are proof about how much Trump allegedly cut taxes for everyone. It's a false sense though.”
Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: “The expectation is for higher refunds this year, which many believe could provide a modest stimulus to the broader economy in Q1 and Q2. The real question isn’t just how much comes back, it’s how effectively that cash is deployed and whether taxpayers are planning proactively instead of reacting after the fact.”
What Happens Next
Americans are encouraged to file early especially as the IRS is understaffed heading into the busiest tax season in years, Ryan said.
“Early filers get processed before the logjam hits. We're talking weeks of difference in refund timing,” he said.
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