The IRS just gave Americans a friendly shove: don’t wait to start collecting tax paperwork for the 2026 filing season. In a public notice the agency encouraged taxpayers to organize bank info, W-2s, 1099s and records of digital-asset transactions now so returns are accurate and refunds aren’t delayed. For more from the agency, see IRS Get Ready.
A quick primer on what’s changed
Congress this year passed the One, Big, Beautiful Bill (OBBBA), a sweeping — and in places retroactive — package of tax changes and credits. Some provisions directly affect withholding and refunds: temporary deductions for seniors, exclusion of taxes on tips and overtime, and a deduction for certain car loan interest on U.S.-made cars, among others. Because several items are retroactive to 2025, the IRS expects withholding from paychecks to be higher than somebody actually owed, which could mean unusually large refunds early in 2026.
Why acting now matters
Paperwork problems are the simplest cause of delays. But this year there are two extra reasons to be proactive: the new law’s complicated retroactivity and the IRS’s move away from paper refund checks. The agency is phasing out paper refunds, so if you don’t set up or verify direct deposit you could slow yourself down.
There’s also a broader economic angle. Some analysts warn that a wave of large refunds could boost consumer spending and add upward pressure to prices — think stimulus-like effects concentrated in the first quarter of 2026. Others say slower wage growth and other forces could blunt that boost. Either way, knowing what to expect helps you make smarter choices about paying down debt, saving or spending.
What to collect and check (the quick, practical list)
- Personal details: Social Security numbers, dependent info, and the latest address.
- Income records: All W-2s, 1099s (including 1099-NEC and 1099-K), unemployment forms and statements for any freelance or gig work.
- Bank info: Routing and account numbers for direct deposit; statements if you claimed withholding or estimated payments.
- Deductions/credits support: Charitable receipts, medical and education expenses, adoption records and childcare provider details.
- Digital assets: Records of crypto trades or NFT sales — many taxpayers forget to track basis and dates.
- Create or log into your IRS online account and confirm your contact details.
- Set or verify direct deposit information so refunds arrive electronically.
- Pull together digital and paper copies of the items above; scan paper records and keep them in a single encrypted folder.
- If you use a new device to do this work, make sure it’s updated and backed up — a reliable laptop like a MacBook can speed things up; check latest models available on Amazon.
- Consider e-filing or working with a credentialed preparer to reduce errors and speed processing.
If you rely on software or cloud storage to keep receipts, consider verifying access and permissions now. New AI tools are changing how people search their inboxes and drive folders; for example, recent developments in Gemini’s deeper search into Gmail and Drive could make finding receipts faster. Also, if you plan to use navigation or local-service features to coordinate in-person meetings with tax pros, AI tools appearing in Google Maps are worth a glance.
Practical steps to take this week
What to consider if a refund surge arrives
If you receive an unexpectedly large refund, resist the urge to treat it like bonus cash. Some sensible options: first, check whether the refund is accurate; then prioritize high-interest debt or build an emergency fund. For households thinking about one-off purchases, remember that while extra cash feels good, economists debate how much of a temporary bump will feed into persistent inflation.
A word on politics and big claims
You’ll see political leaders and administration officials framing the legislation as proof of major financial relief; some have even promised record refund seasons or future dividend-style payments financed by tariffs. Those promises are part policy, part messaging. If you’re planning around a potential refund, base decisions on documented IRS guidance and your own pay stubs rather than headlines.
If you’d like a checklist you can print or share with a spouse, start with the short list above and expand it to include any life changes during 2025 — marriage, a child, a new job or a home purchase can all change your filing picture.
Need help? The IRS’s Get Ready hub is the official starting point, and a trusted tax professional can help interpret how the new law applies to your situation. Take a small step today — a quick hour of organizing now could save weeks of hassle when filing season opens.