| Item | 2025 Tax Year / 2026 Filing |
|---|---|
| Filing deadline | April 15, 2026 |
| Extension deadline | October 15, 2026 (file Form 4868 by April 15) |
| Standard deduction (single) | $14,600 |
| Standard deduction (married filing jointly) | $29,200 |
| Child Tax Credit | Up to $2,000 per qualifying child |
| EITC (max, 3+ children) | Up to $7,830 |
| IRS Free File eligibility | AGI under $84,000 |
The IRS processes over 150 million individual tax returns each year. For most people with standard W-2 income, filing takes 30–90 minutes with free software. Here’s the complete step-by-step process.
Step 1: Gather Your Documents (By February 15)
Employers must send W-2s by January 31. Financial institutions send 1099s by February 15. Collect: W-2 from every employer, 1099-NEC for any freelance income over $600, 1099-INT for bank interest, 1098 if you pay mortgage interest, 1098-E for student loan interest paid, and Social Security Number for yourself, spouse, and all dependents. Keep everything in one folder — physical or digital.
Step 2: Choose Your Filing Method
| Method | Cost | Best For |
|---|---|---|
| IRS Free File | $0 | AGI under $84,000 — best free option |
| IRS Direct File | $0 | Simple W-2 returns, expanding to more states 2026 |
| TurboTax Free | $0 (simple returns) | W-2 only, no investments — be cautious of upsells |
| TurboTax Deluxe | $59–$129 | Itemizers, freelancers, investments |
| H&R Block Online | $0–$85 | Good alternative to TurboTax, similar pricing |
| CPA / Tax Professional | $150–$500+ | Complex situations: self-employed, multiple states, investments |
Step 3: Standard Deduction vs Itemizing
About 90% of filers take the standard deduction because it’s larger than their itemized total. You should only itemize if your deductible expenses exceed the standard deduction ($14,600 single / $29,200 married). Itemizable expenses include: mortgage interest (Form 1098), state and local taxes (capped at $10,000), charitable donations (with receipts), and medical expenses exceeding 7.5% of AGI.
Step 4: Claim Every Credit You Qualify For
Child Tax Credit: Up to $2,000 per qualifying child under 17. Partially refundable up to $1,700 (Additional Child Tax Credit). Earned Income Tax Credit (EITC): Up to $7,830 for families with 3+ children. One of the most missed credits — check your eligibility at IRS.gov/eitc. Child and Dependent Care Credit: Up to $1,050 (one child) or $2,100 (two+ children) for childcare expenses while working. Student Loan Interest Deduction: Up to $2,500 deduction for interest paid on qualified student loans.
💰 File Taxes, Then Invest Your Refund