Tax season is nearly here and while it’s still too early to file your return, the Internal Revenue Service says taxpayers can start preparing now. With that in mind, the agency is offering up a handful of tips to help taxpayers understand some of the changes they may encounter when filing in 2026.
The IRS says taxpayers should familiarize themselves with these topics:
Using direct deposit
Last year, President Donald Trump ordered the Treasury Department to stop using paper checks for nearly all of its business. That reportedly includes the issuance of tax refunds. Because of that, the IRS advises taxpayers to make sure they have a bank account so they can receive the payment via direct deposit.
While the Treasury says some payment options are available for those without a bank account, the IRS advises using a direct deposit option.
Review new 2025 tax law changes
A handful of credits and deductions were introduced in the One, Big, Beautiful Bill, that was signed into law last year. Depending on your filing status, those changes could have a real impact on your return. The IRS says you should review those changes in order to determine if you’re eligible to claim them in 2026.
New Trump Accounts for eligible children
Announced last year, “Trump Accounts” are a retirement savings vehicle for children under the age of 18. To qualify for the account, the child must have been born after Jan. 1, 2025 and have a valid Social Security Number. The account starts with an initial deposit of $1,000. Visit trumpaccounts.gov for more details.
Reporting income from payment apps and online sales
If you received a digital payment for part-time work, gig activities or sales of goods and services in 2025, you must claim it on your taxes. These payments could have been received through services like PayPal, Venmo, CashApp and more. A 1099-K form will be issued to you “by payment card companies for any amount and by payment apps and online marketplaces when payments exceed $20,000 and more than 200 transactions occur for the year,” the IRS says.
Digital asset reporting requirements
If you bought, sold or received digital assets, including cryptocurrency, stablecoins or NFTs in 2025, you must report those transactions. While you may receive a form from a broker, you must self report any income, gains, or losses on form 1040. For more information, visit the digital assets page on the IRS website.
The IRS has not publicly stated when it will begin accepting tax returns in 2026. Last year, the agency began accepting returns on Jan. 27.
