Understanding Bookkeeping: A Guide for Beginners

Get Ready for the 2026 Tax Season:
5 Key Things You Need to Know

The 2026 tax filing season officially opens on January, 2026, when the IRS begins processing 2025 federal tax returns. The IRS has already released several updates to help taxpayers prepare effectively and avoid delays. Here are the five most important things you need to know, along with guidance directly from IRS sources.

1. Access Your IRS Online Account

Staying organized is essential when preparing for the new filing season — and the IRS recommends starting with your IRS Online Account, available 24/7. Through this portal, taxpayers can:

– View balances, tax transcripts, and past notices

– Make secure payments

– Manage communication preferences

– Verify digital asset activity and Form 1099s received

According to the IRS, this is one of the first steps taxpayers should take to prepare for 2026 filing season requirements.

[irs.gov]

2. Use Direct Deposit for Faster Refunds

Direct deposit continues to be the fastest and safest way to receive a tax refund.

The IRS is transitioning away from paper refund checks under a federal modernization initiative, encouraging taxpayers to use a bank account or digital banking option for quicker processing times.

The IRS confirms that direct deposit leads to faster and more secure refunds, especially as the agency phases out paper checks.

[irs.gov – faster refunds]

3. Know the Tax Law Changes Impacting 2025 Income

Although many taxpayers are familiar with the Tax Cuts and Jobs Act (TCJA), there are additional 2025 tax law changes affecting deductions and credits as we move into 2026.

IRS guidance highlights updates introduced by the “One Big Beautiful Bill”, including new:

– Deductions

– Credits

– Eligibility rules tied to valid SSNs and ITINs



The IRS encourages all taxpayers to review 2025 tax law changes that may influence their 2026 filing outcomes and eligibility for credits.

4. Reporting Income From Apps, Gig Work & Online Sales

If you earned income through gig platforms, freelancing, or online marketplaces, you must report it, even if you don’t receive a form.

For 2025 income, the IRS states:

*Form 1099-K must be issued when total payments exceed $20,000 and more than 200 transactions are processed by a payment platform (e.g., PayPal, Venmo, Etsy).

*All gig, freelance, and marketplace income remains taxable, and the IRS encourages taxpayers to review updated reporting rules early to avoid surprises when filing.

This is especially important for freelancers, creators, rideshare drivers, and small online sellers.

[1099 fillers]

5. Digital Asset Activity Must Be Reported

The IRS continues to increase oversight of cryptocurrency, NFTs, stablecoins, and other digital assets.

Taxpayers are required to:

*Answer the digital asset question on Form 1040

*Report any income, gains, or losses from digital asset transactions

*Review Forms 1099-DA (if issued), but report activity even if no form is received

IRS guidance for 2026 clearly states that all taxpayers must report digital asset activity, whether or not a 1099-DA was issued.

What’s Next?

This overview is only the beginning. In upcoming CoreCPAs & Advisors blog posts, we’ll break down each topic with:

*Practical, real‑world examples

*IRS‑verified guidance

*Strategies to minimize your tax liability

*Checklists to help you file stress‑free

*Tips for gig workers, business owners, and digital asset investors

Stay tuned — and subscribe to receive every update directly in your inbox.

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