Tax day 2026 new deductions: Filing for ‘No tax on tips’ and overtime, car loan interest, senior tax breaks could save you thousands

The countdown is on: Taxpayers have a little over two weeks to file their 2025 tax returns and pay any taxes due by Wednesday, April 15, 2026. The Internal Revenue Service (IRS) expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically. But this is no ordinary tax year: The 2026 tax season comes with a number of additional deductions thanks to President Donald Trump’s so-called “big, beautiful bill.” Those include no tax on tips, no tax on overtime, no tax on car loan interest, and enhanced deduction for seniors. To claim these, taxpayers will need to use the new schedule 1-A form, according to the IRS. However, like all good things, these deductions are only temporary and expire in 2028 when Trump leaves office at the end of his second term. You’re also probably wondering how much you’ll save on this year’s taxes, and how what kind of refund to expect. According to the IRS, the average tax refund is