Tax Season Begins: Friends, as the holiday season winds down, life in America is returning to its routine, and with it, a single question is on everyone’s mind, How much will my tax refund be this year?
As the 2026 tax season approaches, searches for terms like TurboTax, Credit Karma, and “when can I file taxes 2026” have suddenly surged. For many, a tax refund is the biggest check of the year, helping to balance household budgets or pay off outstanding debts.
Why Tax Refunds Remain a Hot Topic
According to tax expert and CPA Lisa Green-Lewis, most Americans receive a tax refund, and the average refund last season was approximately $3,000. This is why people consider it the largest sum of money they receive all year. With new laws and changes, it’s expected that many taxpayers may receive even larger refunds in 2026. This is why people are already searching for things like TurboTax refund advance 2026 and tax deadline 2026.
Who is Eligible to File Taxes?
According to Internal Revenue Service (IRS) rules, a single person under 65 years of age is required to file taxes if their annual income exceeds $15,750. Interestingly, many people who fall below this threshold still file taxes to receive a refund. Research shows that nearly 20 percent of Gen Z individuals mistakenly don’t file taxes and miss out on billions of dollars in refunds. The IRS still holds approximately $1 billion in unclaimed refunds from 2021.
New Income Streams and Changing Rules
Filing taxes in 2026 will also be slightly different. Freelance work, NFTs, online betting, and side income are now considered fully taxable. On the other hand, new laws have also provided some relief. Changes such as tax exemptions on tips and overtime income, additional deductions for seniors, and relief on car loan interest for vehicles made in the USA could increase refunds. This is why many people are hoping their refund this year could reach up to $4,000.
Gen Z’s Concerns and Expert Advice
Gen Z appears to be the most anxious about tax filing. Surveys indicate that this generation is worried about making mistakes, falling victim to scams, and overpaying taxes. Incomplete information found on social media can sometimes be detrimental. Tax experts advise that the safest approach is to consult a trusted accountant every year and start preparing well in advance. Filing early not only helps avoid penalties but also ensures a quicker refund.
The Right Way to Receive Your Refund
The IRS is gradually phasing out paper checks, and most refunds are now being issued via direct deposit. Delays can occur if bank details are incorrect. Typically, e-filing results in a refund within 21 days, although some credits, like the EITC, may be subject to a hold until mid-February. Therefore, experts recommend having all documents ready beforehand and not waiting until the last minute.
The 2026 tax season is bringing both hope and anxiety for many Americans. New rules may lead to larger refunds for some, while those who are careless could face penalties. Accurate information, timely preparation, and advice from reliable sources are key to a smooth tax filing process.
Disclaimer: This article is for general informational purposes only. Tax laws can change depending on the time and individual circumstances. Always consult a certified tax professional or official IRS sources before making any financial or tax-related decisions.
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