The IRS has officially opened the 2026 tax season and is beginning to accept federal income tax returns for 2025. With a countdown to the April 15 deadline now underway, here are four things you can do to ensure you’re ready for a smooth tax season.
1. Get familiar with new tax legislation. The One Big Beautiful Bill Act introduced several new tax deductions you might qualify for this year. It increased the limitation on itemized deductions for state and local taxes (SALT) from $10,000 to $40,000—or from $5,000 to $20,000 if married filing separately. Tipped workers may be eligible to deduct up to $25,000 of qualifying tips, and individuals can deduct up to $12,500 of qualified overtime pay—that increases to $25,000 for joint filers. Up to $10,000 of qualified passenger vehicle loan interest may be deducted, and taxpayers 65 and older may be eligible to claim an additional $6,000 deduction. Learn more about new and enhanced deductions here.
2. Ensure you can file, send, and receive payments digitally. As in past years, be sure you’ve created an ID.me account to verify your identity with the IRS. However, this year it is highly encouraged to file your tax return electronically; the U.S. Postal Service now defines a postmark as the date your mail is first processed at a USPS facility rather than the day mail is dropped off, which could result in missed deadlines and penalties when mailing in your tax return.
Under Executive Order 14247, the U.S. Department of the Treasury is modernizing how payments are made to and from the IRS. Going forward, all estimated tax payments, penalties, and balances due must be paid electronically via IRS.gov/payments. Additionally, the IRS will provide all tax refunds via direct deposit; paper checks will no longer be issued. Read the IRS’s frequently asked questions here.
3. Gather important tax documents. Now is the time to organize documents related to your income, deductions, and potential credits. Typically, that includes your W-2, 1099s, retirement distributions, brokerage tax statements, and any other sources of income such as rental properties or gig work. You’ll need documents to show mortgage interest, receipts for charitable contributions, childcare, medical expenses, and education forms, as well as paperwork that supports energy-saving upgrades, tips, overtime pay, or new vehicle loan interest credits. As a reminder, you should receive annual brokerage tax statements in early March.
4. Make sure you’ve made any final contributions to tax-advantaged accounts. You have until the tax filing deadline to make last-minute 2025 contributions to your 401(k) or traditional IRA. Contributing the maximum amount allowed each year reduces your taxable income while bolstering retirement savings. Similarly, fully fund your health savings account, which offers a triple tax benefit of contributions, growth, and qualified withdrawals all being tax-free.
At TruPlan Financial Advisors, we collaborate with a network of trusted tax professionals to help minimize your tax liabilities and maximize your financial opportunities. If you are searching for support with your 2025 tax return, check out one of our partner firms here.