As the 2026 tax season officially begins, taxpayers are urged to be aware of significant changes, including new tax deductions and potential bigger refunds than in previous years. Experts suggest that federal tax refunds may be larger this season, largely influenced by legislative changes. However, the IRS has also warned that these larger refunds could come with consequences, adding to the national deficit. Taxpayers are encouraged to file early to avoid penalties and can take advantage of expanded filing options and additional deductions. Key dates and deadlines for the filing season are also essential to keep in mind as the IRS starts accepting returns. Overall, this tax season presents both opportunities and challenges—taxpayers should prepare thoroughly to navigate the new landscape effectively.