Jill On Money: Tax season opens

"The deadline is April 15, 2026. The IRS recommends electronic filing with direct deposit for faster refundstypically within 21 days. For those who are still clinging to filing paper returns by mail, it can take four weeks or more to process your return and the error rate on paper returns is higher than that of electronic ones. Wait to file until you have received all income documents, like W-2s, 1099/1099-INT forms, unemployment benefits, dividends, pensions, and retirement distributions."

"After calculating gross income, you will reduce it through either the Standard or Itemized Deduction. About 90 percent of taxpayers file Standard, because it has increased steadily over the past decade. This year it is $31,500 for married couples filing jointly (MFJ), $15,750 for single filers, and $23,625 for heads of household. The remaining 10% of filers will itemize individual expenses if their total exceeds the standard amount."

"Several temporary provisions (2025-2028) offer new tax relief, but most have limitations. Senior bonusTaxpayers 65+ receive an additional $6,000 deduction per person, phasing out above $150,000 Adjusted Gross Income (AGI) for joint filers ($75,000 for others). Tips and overtimeQualified tip income gets a deduction up to $25,000, while overtime earns up to $12,500 ($25,000 joint). Both phase out at $150,000 individual/$300,000 joint."

Tax filing deadline is April 15, 2026, and the IRS recommends electronic filing with direct deposit for refunds typically within 21 days. Paper returns take longer and have higher error rates. Wait to file until all income documents (W-2s, 1099s, unemployment, dividends, pensions, retirement distributions) are received. About 90% of taxpayers use the increased standard deduction — $31,500 for married filing jointly, $15,750 for single, $23,625 for head of household — while roughly 10% will itemize if expenses exceed the standard. Temporary 2025–2028 provisions add targeted relief: senior bonuses, tip and overtime deductions, U.S. auto loan interest deduction, and a higher SALT cap.

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