IRS will start accepting tax returns on Jan. 26 for 2026 filing season

Core Points - The 2025 federal income tax return filing season will begin on January 26, 2026, marking one of the earliest starts in a decade [2] - The administration anticipates that millions of Americans may receive the largest tax refunds of their lives, with families expected to save between $11,000 and $20,000 due to tax cuts [1][2] New Tax Breaks for 2025 - The One Big Beautiful Bill Act introduces four new tax breaks for American taxpayers [3] - An enhanced deduction of $6,000 for seniors will be available, which is in addition to the standard deduction [4] - A new tax break allows for the deduction of up to $10,000 in car loan interest for new cars assembled in the U.S. [5] - Workers who regularly receive tips can deduct up to $25,000 of tips, although they still owe Medicare and Social Security taxes on those amounts [7] - A deduction for overtime pay is available, capped at $12,500 for single filers and $25,000 for married couples filing jointly, with income phaseouts starting at $50,000 for singles and $300,000 for joint filers [8] Additional Information - Trump accounts, a new savings plan for children, will not be effective until 2025, but eligible families can enroll by filing Form 4547 with their 1040 tax return [9] - The deadline for submitting taxes is April 15, 2026, with an option to file for an extension until October 15, 2026 [10] - Most tax refunds are processed within 21 days of filing, but processing times may vary [11]