2026 Tax Season Overview

 

Everything You Need to Know to File with Confidence

Well, it’s that time of year again—tax season. For the 2026 filing year, the IRS has introduced several important updates, including increases to the standard deduction, tax bracket adjustments, and changes to key credits and deductions that may affect your refund or balance due.

 

We’ll break each update down clearly so you know exactly what to expect. But first, here are the main details for the 2026 tax season:

 

📅 Key 2026 Tax Deadlines

• Tax Filing Deadline: April 15, 2026 is the official deadline for filing all 2025 federal tax returns and payments.

• Extension Deadline: October 15, 2026 is the deadline for taxpayers who file for an extension. (Remember — an extension gives you more time to file, not to pay.)

 

💰 Standard Deduction Increase (2025 Income, Filed in 2026)

The standard deduction has increased again due to inflation adjustments:

• Single Filers: Increased to $14,600

• Married Filing Jointly: Increased to $29,200

• Head of Household: Increased to $21,900

This increase reduces the amount of income subject to federal tax, which may impact your refund.

 

📈 Tax Bracket Adjustments

The IRS has raised the income thresholds for all seven tax brackets to reflect inflation.
This means you can earn more before moving into a higher tax bracket — a benefit for both individuals and families.

 

🔎 Looking Back Helps You Plan Ahead

To help you compare, here’s what you may remember from prior years:

 

2023 Filing Season (Filed in 2023):

• Deadline: April 18, 2023

• Extension: October 16, 2023

• Standard Deduction (2022 income):

  • $12,950 for single

  • $25,900 for married filing jointly

• Tax brackets increased to adjust for inflation

 

2024 Filing Season (Filed in 2024):

• Standard Deduction (2023 income):

  • $13,850 single

  • $27,700 married filing jointly

• Tax brackets increased again

• Taxpayers saw continued shifts due to inflation adjustments

 

Now, for 2026, these numbers have risen even further.

 

🗂️ When Can I File My 2026 Taxes?

The IRS typically opens the electronic filing window in late January 2026.
Here’s what to watch for:

 

📄 W-2 Forms

 

Your employer must issue your W-2 by January 31, 2026.
Most employers now upload digital W-2s to payroll portals, so check both your inbox and online account.

 

📄 1099 Forms

 

If you're self-employed, an independent contractor, or received miscellaneous income:
You should receive a 1099-NEC, 1099-MISC, or 1099-K (if applicable).
Each payer must also provide these by January 31, 2026.

 

💼 Additional 2026 Tax Highlights

✔️ Credit Changes

 

Some credits may see adjusted income limits, including:

• Child Tax Credit (CTC)

• Earned Income Tax Credit (EITC)

• Education credits

✔️ Business Filers

 

Business owners should be aware of changes affecting:

• Mileage rates

• BOI reporting requirements

• 1099-K thresholds

• Deduction limits

 

✔️ Digital Payments

 

Apps like Cash App, Venmo, PayPal, and Zelle may issue more 1099-K forms — but only for business-related transactions.

 

🌟 File With Confidence This Year

 

The 2026 tax season brings several changes, but KSL Financial is here to keep everything clear and stress-free. Whether you are filing as an individual or a business owner, we ensure your return is accurate, compliant, and maximized.

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