Income Tax Refunds
As we ring in 2026, the tax season brings the potential for larger refunds and important IRS updates that you should know. Read below for this year updates.
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*Earned Income Tax Credit (EITC): Income and other rule changes have been made for EITC. More families could be eligible as well as seeing bigger tax refunds this year *Extra deduction for seniors: Individuals 65+ can claim an additional $6,000 to lower taxable income and will help increase refunds. *Expanded tips and overtime deductions: Employees in service and hospitality industries can claim new above-the-line deductions for qualified tips and overtime. *1099-K Reporting Threshold Returns to $20,000/200 Transactions
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