Have you received your IRS Form W-2, Wage and Tax Statement, from your employer for income earned last year? Starting early can help you prepare what you need for income tax season. The deadline for filing income tax is April 15. While you can file for an extension to file your return, your taxes are still due by this date and need to be paid to avoid penalties.
A new option for families is the tax‑advantaged Trump account for children born between 2025 and 2028. A government contribution of $1,000 can be used for education, home purchases, business startups, or retirement savings. If you have a child who qualifies, complete IRS Form 4547 to apply for the funds.
The Consumer Financial Protection Bureau has a Guide to filing your taxes in 2026 that provides information to support you in tax preparation decisions. Learn about the various filing options that you may qualify for, as some taxpayers may qualify to file for free through in‑person services like VITA, TCE, and AARP Tax‑Aide, or through online software via IRS Free File. If you choose a paid preparer, it is important to check their credentials and understand their fees, and to be cautious about add-on products like refund anticipation checks and refund advance loans, which may cost extra.
If you are expecting a refund, you can consider selecting direct deposit to a bank account or a prepaid card that accepts direct deposit. Taxpayers should remain alert to scams, as the IRS never initiates contact by email, text, or social media to request personal information. Take time to plan how you want to spend your refund. Try to use your refund to support both short-term and long-term goals you are working toward. Consider paying down debt or saving for an emergency fund. Another consideration is changing your IRS Form W-4 to adjust your withholdings if you prefer more or less to be taken out of your paycheck for next year’s income tax.
References
Consumer Financial Protection Bureau. (n.d.). Guide to filing your taxes in 2026. https://www.consumerfinance.gov/consumer-tools/guide-to-filing-your-taxes/
Internal Revenue Service. (n.d.). Trump accounts. https://www.irs.gov/trumpaccounts
Meet the Author
Jamie Mahlandt is a Financial Educator for Bond, Clinton, Jefferson, Marion, and Washington counties in Southern Illinois. She provides financial education to the local community with an emphasis on financial literacy and financial well-being.
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