2026 Tax Filing Season Begins January 26: What You Should Know
Hive check-in: Let’s dive into today’s narrative. The IRS officially kicks off the 2026 tax filing season on Monday, January 26, 2026, when it begins accepting and processing 2025 federal tax returns. The deadline to file and pay any taxes owed is April 15, 2026. This tax season looks very different thanks to the “One, Big, Beautiful Bill” (OBBB) passed in July 2025, which introduced several new deductions and filing changes that could put more money back in taxpayers’ pockets. What’s New for 2026 Many of the new deductions created by OBBB can be claimed using the new Schedule 1-A form. Highlights include: Tip income deduction: Eligible workers in tipped occupations can deduct up to $25,000, depending on income limits. Overtime pay deduction: A portion of qualified overtime pay is now deductible, capped at $12,500 for single filers and $25,000 for joint filers, with income phaseouts. Senior deduction: Taxpayers 65 and older may qualify for an additional deduction of up to $...