IRS Urges Immediate Preparation for 2026 Tax Season
The IRS is urging Americans to begin preparing for the upcoming 2026 tax season. With the tax deadline approaching, individuals should start organizing their financial documents. Early preparation can help ensure accurate tax returns and minimize potential refund delays.
IRS “Get Ready” Announcement
In a recent announcement, the IRS emphasized that it’s not too early to prepare for the 2026 tax season. Taxpayers can access valuable resources at IRS.gov/GetReady. These resources offer guidance on how to effectively gather necessary information before filing.
Essential Documents to Collect
The IRS recommends that taxpayers collect the following documents:
- Bank account information
- W-2 forms from employers
- 1099 forms from banks and other payers
- Records of digital asset transactions
Taxpayers are advised to wait until they have received all relevant tax records, expected by early 2026, before submitting their returns.
Impact of Recent Legislation
This tax season will be affected by significant changes due to the “One Big Beautiful Bill” recently signed into law. This legislation introduces various tax provisions that may alter federal taxes, credits, and deductions.
Key Provisions from the Bill
- Adjustments for income tax, credits, and deductions
- Inflation adjustments for various tax brackets
- New deductions aimed at seniors
- Exemptions from taxes on tips
- No taxation on overtime pay
- No tax on car loan interest
- Enhancements to family and dependent credits
- Improvements to adoption credits
- Expiring clean vehicle credits
- Expiring home energy credits
Understanding these changes will be vital for taxpayers as they prepare their financial documents and file their returns. With early planning and the right information, individuals can navigate the 2026 tax season more efficiently.
