As taxpayers prepare for the upcoming tax season, the Internal Revenue Service (IRS) has officially begun accepting tax returns as of January 26. With over 150 million individual income tax returns filed electronically each year, according to e-file.com, the majority of filers prefer the convenience of online submissions.
Recent projections from the Bipartisan Policy Center indicate that tax refunds could see an increase in 2026, largely attributed to the anticipated benefits of the “One Big Beautiful Bill” tax cuts. Don Schneider, deputy head of U.S. policy at Piper Sandler, forecasts that this legislation could provide $91 billion in retroactive tax relief, with $60 billion allocated for refunds and another $30 billion aimed at alleviating tax liabilities.
For those eager to track the status of their IRS tax returns, the IRS website offers a user-friendly tool known as “Where’s My Refund?” To check the status, taxpayers need to input their Social Security or individual taxpayer ID number (ITIN), filing status, and the exact amount of their refund. Once submitted, users will receive an update on whether their return is still being processed, if the refund has been approved, or if the refund has already been sent, with indications of how long it may take for the funds to appear in their bank account or arrive by mail.
The IRS notes that electronic filers typically receive their refunds quicker than those who submit paper returns, with most refunds processed in less than three weeks. However, taxpayers are cautioned against relying on specific dates for their refunds, especially when making significant expenditures, as some returns may require additional review which can delay processing.
Common reasons for refunds being delayed include errors in the return, incomplete information, issues related to identity theft, or discrepancies involving tax credits. Taxpayers should also be mindful of the federal income tax return deadline, which is set for April 15, 2026, for most individuals. Those living or traveling abroad receive an automatic two-month extension, making their deadline June 15, 2026.
By staying informed and prepared, taxpayers can navigate the filing process more smoothly, hoping for timely refunds and an easier tax experience this year.