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Filing a tax return for the first time in 2026? What to know now
Yahoo Finance· 2026-01-03 10:02
Core Insights - The upcoming tax season may yield larger refunds for many filers due to recent tax law changes, with the average refund last year being $3,000, which is significant for many individuals [2][5] Group 1: Tax Filing Behavior - A substantial portion of Americans, nearly half, express dislike or anxiety towards filing taxes, particularly among Gen Z, where over half reported feeling anxious about the process [2][3] - Common concerns include fear of making mistakes, potential exposure to scams, and worries about owing more to the IRS than they can afford [3][4] Group 2: Recommendations for Tax Preparation - Experts recommend filing early to avoid last-minute stress and potential penalties for late submissions, emphasizing the importance of understanding tax withholdings to prevent large debts to the IRS [4][5] - Individuals should be aware of all sources of taxable income, including freelance work and sales of digital assets like NFTs, and keep organized records of expenses for potential deductions [6]