It is that time again when the W2’s and 1099’s start arriving in the mail. You may already have an envelope or folder filled with documents from mortgage companies, investment firms and other entities that impact your taxes ready to hand over to your tax preparer once you have everything you need. Here are some tips to be sure you get every deduction you are entitled to take and make it easier for your tax preparer to find those deductions.
The Internal Revenue Service (IRS) announced that filing season will open January 26, 2026, and taxpayers have until Wednesday, April 15 to file their 2025 returns. The IRS expects to receive 164 million individual income tax returns this year.
“The IRS is ready to help taxpayers meet their filing and payment obligations during the 2026 filing season,” IRS Chief Executive Officer Frank Bisignano said. “As always, the IRS workforce remains vigilant and dedicated to their mission to serve the American taxpaying public. At the same time, IRS information systems have been updated to incorporate the new tax laws and are ready to efficiently and effectively process taxpayer returns during the filing season.”
This year, there is a new Schedule 1A that will be used to claim new deductions, including no tax on tips, no tax on overtime, no tax on car loan interest or an enhanced deduction for seniors. Parents, guardians and other authorized individuals can also establish a new type of individual retirement account for children known as the Trump Account.
Paper checks are being phased out which means taxpayers must have a bank account to receive tax refunds. Therefore, now is the time to open a bank account where your refund can be deposited. It is also time to choose a tax preparer as experts are able to identify deductions that the average citizen may not be aware of. The IRS also has taxpayer assistance centers if they need additional help.
If you are comfortable completing your own taxes, the IRS offers free fillable forms that allow you to file for free regardless of income. Military members and some veterans can use the Department of Defense Program, MilTax for free return preparation and e-filing software.
If you have recently moved, gotten married or divorced, changed your name or made any other similar change, make sure you have updated the information with the IRS and the Social Security Administration. If you changed your name, the first step is a visit to the Social Security Office where you will need to provide proof of identity. Once that is completed, notify the IRS of this change as soon as possible to avoid refund delays.
The next step is to organize tax documents. Pull out a copy of your return from last year as it can help you see what deductions and credits you used last year and remind you about any information you need to file for 2025. W2 and 1099 forms must be issued by January 31, although your employer may send them electronically. Your mortgage company will send a 1098 form. Some taxpayers may receive a 1099-DIV for investment dividends, a 1098-E which shows student loan interest, a Form 5498 showing contributions to an IRA, Form 1095-A showing information about a Health Insurance Marketplace account or a Letter 6419 which details child tax credits.
If you are self-employed or own a small business, you should have been tracking income and expenses throughout the year and organizing receipts to support any deductions you claim.
If your tax situation is complicated, it may be better to use a professional to handle your return. If your tax situation is fairly simple, however, you can use tax filing software such as TurboTax or the free services offered by the IRS.
If you have an IRA or 401(k) and are under 50, you can contribute up to $7,000 to the IRA or $253,500 to the 401(k) up until April 15. If you are older than 50, you can contribute up to $8,000 to an IRA or $31,000 to your 401(k).
If you don’t have all your documents by March, you may want to file an extension which will give you an automatic six months and allow you to file in October. Because tax preparers are extremely busy from February to April, late arriving documents could make it difficult to get an appointment before the tax filing deadline. To obtain an extension, fill out Form 4868 or ask your preparer to do it for you.
Check your withholding. Each January, your employer should ask you to complete a new W4 form. If you received an extremely large refund last year, you may be withholding too much while if you owed money, you may not be withholding enough. Experts say that you should “break even” when you file your taxes, either owing just a small amount or receiving a small refund.
Organization is key when it comes to tax season. By getting all your documents organized, you or your tax preparer will be able to get your return filed quickly, giving you one less thing to stress about.
