Tax expert shares updates for 2026 tax season

ST. JOSEPH, Mo. (KQTV) -- With the new year comes the beginning of tax season, meaning potential changes to how taxpayers are used to filing.

In a news release to KQ2, the IRS mentioned the tax season changes that are taking full effect with the trump administration in office.

Due to the presidential executive order 14247, Modernizing payments to and from America’s bank accounts, the IRS is phasing out paper tax refund checks.

The One Big Beautiful Bill includes several new features, including new deductions and credits that may reduce tax bills or increase funds.

"There's really no more drive-by tax planning because of all these changes, especially a lot of the ones in the One Big Beautiful Act. You really need to sit down and have a conversation with a CPA, an advisor, someone who can look through your tax return," said Cristina Wiebelt-Smith, a wealth advisor with Gertsema Wealth Advisors. "You'd probably be surprised at how many mistakes we find in tax returns, or how many opportunities we find for people with these changes. You want to know what can help you."

Beginning in 2025, to be eligible to claim certain credits for other dependents, if filing jointly, the taxpayer and their spouse must have valid Social Security numbers or Individual Taxpayer Identification Numbers issued on or before the due date of their returns, which includes extensions.

The IRS also made note of the new retirement savings account, known as Trump accounts, launching on July 5.

The account is eligible for United States children under the age of 18 with a valid Social Security number.

The Trump account will have a pilot program contribution of $1,000 and is eligible for children born from Jan. 1, 2025, to Dec. 31, 2028.