Tax Tip 2026-03: Next steps to Get Ready for 2026 tax filing season

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Issue Number: Tax Tip 2026-03

Next steps to Get Ready for 2026 tax filing season

Monday, Jan. 26, 2026, is opening day for the 2026 tax filing season. This is when taxpayers can begin filing their 2025 federal tax returns.

Here are a few simple steps taxpayers can take now to prepare for filing:

Create or access their IRS Individual Online Account
IRS Individual Online Accounts are available 24/7, to view account information, make payments, manage communication preferences and protect tax information.

Gather and organize records
Organized tax records make preparing a complete and accurate tax return easier. Some examples of tax records can include:

• Forms W-2 from your employer(s)
• Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity or retirement plan distributions
• Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
• Form 1099-INT if you were paid interest
• Other income documents and records of digital asset transactions

Review new 2025 tax law changes
The One, Big, Beautiful Bill has brought many changes including new deductions and credits that may reduce tax bills or increase refunds. Beginning in 2025, to be eligible to claim certain credits for other dependents, the taxpayer and their spouse, if filing jointly, must have valid Social Security numbers or Individual Taxpayer Identification Numbers issued on or before the due date of their returns (including extensions).

Understand reporting documents and requirements
Income from part-time work, gig activities or sales of goods and services is generally taxable. Form 1099-K, Payment Card and Third-Party Network Transactions, will be issued by payment card companies for any amount and by payment apps or online marketplaces, also called third party settlement organizations or TPSOs when payments to a payee exceed $20,000 and more than 200 transactions occur for the year.

Additionally, taxpayers who bought, sold or received digital assets, including cryptocurrency, stablecoins or NFT, may be required to report those transactions. Some taxpayers may receive Form 1099-DA from brokers. Whether you receive a Form 1099-DA or not, all taxpayers must answer the digital asset question on Form 1040 and report any related income, gains or losses.

Check the status of individual tax identification number ITIN
An ITIN only needs to be renewed if it has expired and is needed on a U.S. federal tax return. If a taxpayer’s ITIN wasn’t included on a U.S. federal tax return at least once for tax years 2022, 2023 and 2024, it would have expired on Dec. 31, 2025, and will need to be renewed.

Use direct deposit
The IRS is phasing out paper tax refund checks, under the executive order Modernizing Payments To and From America’s Bank Account. The IRS encourages taxpayers who do not have a bank account to open one so they can receive refunds by direct deposit.

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