All articles tagged with #tax law changes
The IRS advises taxpayers to prepare early for the 2026 filing season by reviewing new tax laws, using online accounts, opting for direct deposit, and reporting income from digital assets and online sales to ensure a smooth tax filing process.
The article outlines key changes to the 2025 tax laws, including increased standard deductions, new deductions for seniors, higher SALT deductions, and modifications to credits like the child tax credit, along with new provisions affecting vehicle and crypto reporting, all of which may impact taxpayers' filings and refunds.
As the tax season begins, Congress is still negotiating a $78 billion tax package that includes potential changes to the child tax credit. IRS Commissioner Danny Werfel advises taxpayers not to wait on Congress and to file their taxes when ready. The proposed changes could expand access, increase the refundable portion, and add future inflation adjustments to the child tax credit. While the bill's path forward remains uncertain, the IRS plans to make necessary system updates if the tax package is approved, and filers may receive updates on any impact to their returns without having to take additional steps.