Learn how the new "no tax on tips" deduction can reduce your federal taxable income by up to $25,000 if you earn tips at work.

The IRS has not publicly stated when it will begin accepting tax returns in 2026. Last year, the agency began accepting returns on Jan. 27.

The Tax Foundation, a nonpartisan think tank, estimates that the various tax cuts included in the bill will increase the average Americans tax return by anywhere from $300 to $1,000 when filing in 2026.

Child Tax Credit: This tax credit increases by $200 year over year, to $2,200 per child for the 2025 tax year. It applies to single filers with annual incomes up to $200,000, or $400,000 for joint filers. Above those thresholds, parents may be able to claim a partial credit.