For the 2026 tax filing season (covering the 2025 tax year), the Internal Revenue Service (IRS) expects to receive approximately 164 million individual income tax returns. An estimated 1.2 Mississippians will be filing their income taxes.
The federal number represents a slight increase from the roughly 163.6 million returns filed during the 2025 season. Most taxpayers (upwards of 93 percent) are expected to file their forms electronically.
The Mississippi Department of Revenue has not made public any estimations, but historical data indicates the 1.2 million is about the same as past years.
Key Statistics for the 2026 IRS Filing Season
Total Estimated Filings: ~164,000,000
Filing Deadline: Wednesday, April 15, 2026
Opening Day: Monday, January 26, 2026
Electronic Filing Rate: Expected to exceed 93 percent
What’s New This Year?
The 2026 filing season is unique due to the implementation of provisions from the “One, Big, Beautiful Bill Act (OBBBA),” which passed in mid-2025. This has introduced several changes that may affect your filing:
New Deductions: There are new or enhanced deductions for specific types of income, including “no tax on tips” and “no tax on overtime” for eligible workers.
Higher Standard Deduction: For the 2025 tax year (the forms you file in 2026), the standard deduction has been raised to $15,750 for single filers and $31,500 for married couples filing jointly.
Phase-out of Paper Checks: Following a presidential executive order, the IRS is prioritizing direct deposits. If you are expecting a refund, the IRS strongly encourages having a bank account ready, as paper checks are being phased out in favor of electronic payments.
Common Forms Being Filed
While the Form 1040 remains the primary document for individuals, you may also encounter:
Schedule 1-A: A new form used to claim the recently enacted OBBBA deductions.
Form 1099-DA: A relatively new form used to report proceeds from digital asset (cryptocurrency) transactions.
Form 1099-K: Now being issued more broadly for payments received via third-party apps (like Venmo or PayPal) and online marketplaces.
So what should you be doing to get ready to file your taxes, starting Jan. 26? Hernando accountant Holly Renee Seymour, CPA, PLLC has compiled this list of things to be considered.
*For tax year 2025 through 2028, workers who receive qualified tips can deduct a maximum of $25,000 (even if they take the standard deduction). Qualified overtime pay (above regular wages) can also be deducted up to a maximum of $12,500 ($25,000 for joint filers).
“It’s a good idea to take your final pay stub to your accountant, just in case your year-to-date totals are needed to calculate your deduction,” Seymour said. “They may or may not be included on your 2025 W-2.”
*For 2026, taxpayers who take the standard deduction can take an additional charitable deduction up to $1,000 ($2,000 if married filing jointly) for cash donations. So make sure to save your receipts for your tax preparer, even if you normally take the standard deduction.
“New legislation may limit the amount high earners (who itemize) can deduct for charitable contributions, so it’s important to discuss those with your tax adviser before year end to maximize the tax benefit,” Seymour said.
No information has been posted to the IRS website as of the publication of this article
Taxpayers that are 65 and older can claim a new $6,000 bonus deduction, even if they itemize. This is in addition to the increased standard deduction amount of $2,000 for single; $3,200 for married filing jointly.
For 2025-2028 up to $10,000 of interest paid on loans for new cars (that had final assembly in the U.S.) is deductible.
In 2025, the child tax credit is increased from $2,000 to $2,200
Beginning in 2025, bonus depreciation on business assets is permanent at 100 percent
Beginning in 2026, the Unified Estate and Gift Tax Exemption will be permanently increased to $15,000,000 ($30,000,000 for married couples).
Beginning in 2026, the 1099-Misc/1099-NEC threshold is increased from $600 to $2,000.
Taxpayers can receive a $1,000 tax credit for opening a “Trump Account” for a child born between Jan. 1, 2025 and Dec. 31, 2028. These accounts can’t be opened until after July 4.
Many of the OBBB deductions and credits are subject to limitations and phase-outs. Make sure to discuss any questions or concerns with your tax advisor to maximize your tax benefit!
Mississippi Specific:
While the 2025 federal standard deduction is $15,750 for single; $31,500 for married filing jointly; and $23,625 for head of household, the MS standard deduction is $2300 for single; $4,600 for married filing jointly; and $3,400 for head of family. So, while you might not need your itemized documents for the federal return, they might save you money on your MS income tax by itemizing on the MS return. Be sure to take them to your tax appointment and consult your tax advisor if you have any questions.
*Annual Reports (filed with the Secretary of State’s office) are due on April 15 for LLCs and Corporations, and May 11 for Non-Profits. Non-Profits cost $50; domestic Corporations $25; and LLCs are free to file. The Secretary of State’s office has issued a warning to businesses to be cautious of misleading mailers and emails sent by private entities charging fees to prepare their 2026 annual reports.
Bob Bakken provides content for DeSoto County News and its social media channels. He is an award-winning broadcaster, along with being a reporter and photographer, and has done sports media relations work with junior and minor league hockey teams. Along with his reports on this website, you will find this veteran media member providing sports updates on Rebel 95.3 FM Radio.
