Tax and Financial Merch
The 2026 tax filing season for 2025 returns began in January 2026, incorporating major changes from the One Big Beautiful Bill (OBBB) signed in July 2025. Key 2025 tax updates include adjusted income brackets, increased standard deductions, and a new credit for overtime pay. The deadline to file 2025 taxes is April 15, 2026.
Key 2025-2026 IRS Schedule & Updates
- Jan 9, 2026: IRS Free File opened for qualified taxpayers.
- Jan 26, 2026: Official opening of the 2026 filing season; Free File Fillable Forms available.
- Feb 21, 2026: "Where's My Refund?" expected to show projected deposit dates for early EITC/ACTC filers.
- March 2, 2026: Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds expected to be available for direct deposit.
- April 15, 2026: Deadline to file 2025 returns and pay any tax due.
Major 2025 Law Changes (OBBB)
- Tax Brackets: The top marginal rate of 37% applies to income over $626,350 (single) or $751,600 (married).
- No Tax on Overtime/Tips: New, ,specific deductions for qualified overtime and tip income.
- Itemized Deductions: While previously eliminated, some limitations return for high-income earners.
- Dependents: Form 1040 instructions for 2025 require more detailed information to claim the Child Tax Credit.
Important Reminders
- Paper Check Phase-out: The IRS is phasing out paper checks, encouraging direct deposit to avoid delays.
- IRS Operation Status: Taxpayer Assistance Centers are open following the 2025,lap in appropriations.
- Interest Rates: Interest rates for the second quarter of 2025 remained the same as the first quarter.
