Hoping to file your tax return as soon as possible? Here’s the earliest you can file.-akbannernews

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2026-01-09

Hoping to file your tax return as soon as possible? Here’s the earliest you can file.

Tax season is here, but how early can you file your 2025 federal income tax return?

In his year-end national address on Dec. 17, President Trump said that in 2026 Americans would see the “results of the largest tax cuts in American history,” estimating that families would save between $11,000 and $20,000.

If you’re anxious to get that tax refund, here are the details of the earliest time to file, and some of those tax breaks you don’t want to miss.

The IRS said Thursday that the first day it will start accepting returns is Monday, Jan. 26.

At a speech before the Economic Club of Minnesota on Thursday, Treasury Secretary Scott Bessent reiterated the administration’s pitch that millions of Americans “may see the largest tax refunds of their lives.”

“The president wants to get this money into the hands of the American people as soon as possible,” Bessent said. “That’s why I am proud to break the news here today that this year’s tax season will begin on Jan. 26 — one of its earliest starts in a decade.”

The One Big Beautiful Bill Act is bringing four new possible tax breaks to American taxpayers.

The administration’s original promise was “no tax on Social Security.” The reality is an enhanced deduction for seniors.

“It is an enhanced deduction for seniors of $6,000, so that’s going to make a big difference to seniors,” Hannah Cole, accountant and author of the book “Taxes for Humans,” told Yahoo Finance.

That’s in addition to the standard deduction.

The tax break phases out for single taxpayers with modified adjusted gross income over $75,000, or joint filers earning $150,000.

“This is a temporary deduction between 2025 and 2028,” Cole said.

Cole was surprised by this one.

“No tax on car loan interest — it’s up to $10,000 in car loan interest. It has to be a new car, so it’s not used cars. And it also has to have final assembly in the US,” she said.

The VIN Decoder provided by the National Highway Traffic Safety Administration (NHTSA) will give you that information. You will also need to list your new vehicle’s VIN number on your tax return. Of course, there are also income phaseouts on this tax break too.

For workers who customarily receive tips, a new federal income tax break allows you to deduct $25,000 of tips.

“It’s only for those who normally and regularly get tips,” Cole noted. “They still owe Medicare and Social Security taxes on those tips.”

The law is clear that you need to be reporting your tips to earn the deduction, she added.

A deduction for overtime pay is good for up to $12,500 if you’re single; $25,000 if you’re married filing a joint return.

If your income goes above $50,000 if you’re single or $300,000 if you’re married filing jointly, then that benefit phases out.

Trump accounts, the IRA for children, won’t go into effect in 2025, but if you’re eligible, you can elect into the new savings plan on your 2025 tax return.

File Form 4547 with your 1040 tax return to enroll in a Trump account if you have an eligible child (born between Jan. 1, 2025, and Dec. 31, 2028).

“This is worth doing,” Cole said. “Eligible children, though it’s a small group, will get $1,000 from the U.S. Treasury.”

If you’re not quite as excited to file your taxes the moment you can, you’ll want to know the deadline for submitting your taxes is Wednesday, April 15.

If you can’t file your taxes by then, you must submit a Form 4868 by the April 15 deadline to receive an extension to file until Oct. 15, 2026. You can use IRS Free File to request an extension electronically or send the form by mail.

That gives you more time to file your return; however, if you owe taxes, you’ll need to estimate and pay them by the original April 15 deadline to avoid penalty and interest charges.