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Here you'll find items of current interest — new programs, recent guidance or timely reminders.
Free file is now open
IRS Free File will is now accepting individual tax returns, giving eligible taxpayers an early opportunity to prepare and file their federal income tax returns ahead of the official start of the 2026 filing season. IRS Free File Guided Tax Software allows taxpayers to prepare and submit returns now and hold them for electronic filing once the season officially begins.
2026 filing season starts Jan. 26
The first day of the 2026 filing season will be Jan. 26, 2026. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.
The IRS encourages taxpayers to take steps now to prepare for filing season by visiting IRS.gov/getready for tips on what is new and what to consider before filing.
One, Big, Beautiful Bill
- Guidance on the additional first year depreciation deduction amended as part of the One, Big, Beautiful Bill
- Proposed regulations reflecting changes to the threshold for backup withholding on certain payments made through third parties
- Updates to the frequently asked questions on Premium Tax Credit
- Updates frequently asked questions on changes to the Limitation on the Deduction for Business Interest Expense
- Guidance on new deduction for car loan interest
- Guidance for taxpayers claiming the tax credit for carbon capture and sequestration
- Guidance on new federal tax credit for individual contributions to Scholarship Granting Organizations
- Guidance on new tax benefits for health savings account
- Improvements to the Adoption Tax Credit under One, Big, Beautiful Bill
- Guidance on Trump Accounts
- Guidance for individuals who received tips or overtime during tax year 2025
- Guidance on new tax benefit on loans for rural communities
- IRS issues FAQs on Form 1099-K threshold under One, Big, Beautiful Bill
- Transition relief for businesses reporting car loan interest
Standard mileage rates for 2026
The optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments.
Interest rates for the first quarter of 2026
The interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily.
401(k) limit increase for 2026
The IRS announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The agency also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026.
Tax pros: Renew PTINs for 2026 tax season
The IRS reminds paid tax preparers that preparer tax identification numbers must be renewed annually, and the 2026 renewal period is now open. Also, all enrolled agents, regardless of whether they prepare tax returns, must renew their PTINs annually to maintain their active status. PTINs expire on Dec. 31 of the calendar year for which they are issued.
Inflation adjustments for tax year 2026
The IRS announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 PDF provides details about these annual adjustments.