When the 2026 tax season starts — and how to get the biggest refund

The new year is here, and that means a new tax season has begun. The IRS has announced that it will begin accepting 2025 federal tax returns on Jan. 26, 2026.

More than 160 million individual federal tax returns are expected to be filed by the April 15, 2026, deadline, with approximately 60% of filers counting on a refund.

The IRS will begin accepting 2025 federal tax returns on Jan. 26, 2026. Employers and financial institutions must furnish Forms W-2 and 1099s by Feb. 2, 2026.

The last chance for most taxpayers to file on time is Wednesday, April 15, 2026, at midnight local time. April 15 is also the deadline for state returns in most states that collect income tax.

The following states have different filing deadlines for state returns:

• Oklahoma: April 20, 2026
• Hawaii: April 21, 2026
• Delaware: April 30, 2026
• Iowa: April 30, 2026
• New Mexico: April 30, 2026
• South Carolina: May 1, 2026
• Virginia: May 1, 2026
• Louisiana: May 15, 2026

Consult with your state Department of Revenue for the latest information.

The deadline to request a tax extension is April 15, 2026. You will then have until Friday, Oct. 15, 2026, to submit your completed return. You'll still need to make an estimated payment by Tax Day, however.

The passage of the One Big Beautiful Bill means numerous changes for taxpayers, several of which take effect this year.

• New senior tax deduction. A $6,000 deduction for Americans 65 and older, in addition to the longstanding additional standard deduction for the elderly and visually impaired. Married couples filing jointly can claim up to $12,000.
  
• Tax break on tips. To encourage full income reporting, a new tax deduction allows workers to deduct up to $25,000 in qualified, reported tips. In addition, overtime pay (earnings at 50% above the normal rate) is deductible up to $12,500 for individual filers and $25,000 for married couples filing jointly
  
• Car loans. Interest on auto loans for vehicles originated after Dec. 31, 2024, is deductible up to $10,000 annually. The vehicle must be assembled in the U.S. to qualify and filers must report the Vehicle Identification Number (VIN) for confirmation.
  
• SALT deduction. The limit for the State and Local Income Tax (SALT) deduction has increased to $40,000 ($20,000 for married couples filing separately). You must itemize your return to claim the SALT deduction, which begins to phase out once MAGI exceeds $500,000.
  

Each year, the IRS offers a flat-rate deduction that almost all taxpayers can claim, based on their filing status. This allows taxpayers to reduce their taxable income without having to itemize and document medical bills, charitable donations, mortgage interest payments and other tax breaks.

You can either claim the standard deduction or itemize — you can't do both in the same year. But there are some basic deductions you can claim without itemizing, including student loan interest and HSA and IRA contributions.

The OBBB extended the super-sizing of the standard deduction first enacted by the 2017 Tax Cuts and Jobs Act. The amount is expected to increase by $750 annually, adjusted for inflation.

The Trump administration has canceled the Direct File program, which allowed taxpayers in 25 states to file state returns for free. Filers with an adjusted gross income of $79,000 or less can still use IRS Free File, a partnership between the IRS and leading tax-prep companies

In addition, all of CNBC Select's top picks for tax software have free tiers for simple returns.

Banking app Chime* has a free in-app tax-filing program that lets Chime customers itemize deductions and file state and federal returns.

If you file electronically and set up direct deposit, the IRS says you should expect your refund within 21 days of filing, as long as there are no inaccuracies or other issues.

If you file a paper return by mail, it will take at least four weeks for a refund to be processed.

One of the fastest ways to get a refund is with an online tax-filing program like TurboTax or H&R Block, both of which have free and paid plans for different tax situations.

Roughly one in four taxpayers anticipate owing the IRS money at tax time. Of those, nearly a quarter (23%) expect to go into debt to pay the IRS, according to a 2024 Intuit Credit Karma survey.

Not paying your tax bill can result in the government garnishing your wages, placing a lien on your property or even revoking your passport. Getting an extension will give you more time to submit the proper tax forms, but you’re still expected to submit an estimated payment by April 15.

If you can’t pay on time, however, you have several options — including IRS-sponsored plans, personal loans and tax relief companies.

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* Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC