Skynesher | E+ | Getty Images New laws enacted in 2025 may have a big impact on how much Social Security beneficiaries pay in taxes this season. On Jan. 5, 2025, President Joe Biden signed the Social Security Fairness Act, a law that ended provisions that reduced or eliminated Social Security benefits for more than…
Artistgndphotography | E+ | Getty Images With many expecting a bigger tax refund this season, there may be an incentive to file returns sooner. But that doesn’t mean you should rush to send yours. First, you’ll need all the necessary tax forms, or you could risk processing delays — or worse, experts say. Every year,…
D-keine | E+ | Getty Images The average tax refund is 10.9% higher so far this season, compared to about the same point in 2025, according to early filing data from the IRS. The 2026 tax season opened Jan. 26, and the average refund amount was $2,290 as of Feb. 6, up from $2,065 about…
Amid the flurry of promotions for Trump accounts, families now have another way to opt in to the investing accounts for kids and claim seed money of up to $1,000. Parents or guardians can now start the process to open a Trump Account by filing IRS Form 4547 electronically via TrumpAccounts.gov. They can also…
Maskot | Maskot | Getty Images This tax season, some families could see a bigger tax break for their children due to changes from President Donald Trump‘s “big beautiful bill.” Enacted in July, Trump’s legislation permanently increased the maximum child tax credit to $2,200 per child for 2025, up from $2,000. That value will be…
US President Donald Trump listens during a cabinet meeting in the Cabinet Room of the White House in Washington, DC, on Jan. 29, 2026. Brendan Smialowski | AFP | Getty Images President Donald Trump, his two eldest sons, and his family business sued the Internal Revenue Service and the U.S. Treasury Department over alleged leaks…
A view of the snow covered streets as heavy snowfall blanketed Washington, D.C. on Jan. 26, 2026. Celal Gunes | Anadolu | Getty Images The U.S. government is on the brink of a partial shutdown beginning at 12:01 a.m. ET Saturday in large part because of a second recent killing of a U.S. citizen by…
Fcafotodigital | E+ | Getty Images The IRS kicked off the 2026 tax season on Monday, and filers will see changes from President Donald Trump‘s “big beautiful bill” that could impact their 2025 returns. About 164 million individual tax returns are expected before the April 15 deadline, and many could receive bigger tax refunds after…
Treasury Secretary Scott Bessent on Monday said he had cancelled all Treasury Department contracts with the consulting firm Booz Allen Hamilton, one of whose employees leaked the tax records of President Donald Trump, and the billionaires Jeff Bezos and Elon Musk, to media outlets. Booz Allen Hamilton’s stock price dropped by 8% on the heels…
Stefanikolic | E+ | Getty Images As tax season opens Monday, families with minor children have the option to register for Trump accounts — plus a one-time federal government contribution — when filing 2025 returns. Enacted via President Donald Trump‘s “big beautiful bill,” Trump accounts were designed to start early wealth building with a one-time…
