Before we get the tax season underway, there are some important deadlines and changes that you need to know:
- Tax Day is Wednesday, April 15, 2026. You must file your returns by this date unless you are granted an extension by the IRS.
- The 2025 standard deduction is $15,750 for single filers and those married filing separately, $31,500 for those married filing jointly, and $23,625 for heads of household. It is claimed on tax returns filed by April 2025.
- These figures reflect changes from the One Big Beautiful Bill (OBBB), a budget reconciliation act passed in 2025.
Tax deductions help lower how much of your income is taxable. Keep in mind that you can claim charitable donations, medical deductions, business deductions, earned income tax credit, and child tax credit. As always, if you are claiming any tax deductions and/or credits for this season, please ensure you have the records to reflect such.