2026 Tax Filing Season Is Open: What It Means for Your Business, Income, and Financial Strategy
The 2026 tax filing season officially opens on January 26, 2026, and this year is unlike any other. With sweeping changes under the One, Big, Beautiful Bill (OBBB), millions of taxpayers—especially business owners, creators, medical professionals, and high-net-worth families—will see new opportunities, new deductions, and new compliance requirements.
At Velin & Associates, Inc., we help clients not just file taxes, but use the tax code strategically. Whether you are a YouTuber, a Shopify store owner, an Amazon Business, a dentist, a doctor, or a high-net-worth individual, how you prepare for this filing season will directly impact how much tax you pay—and how much wealth you keep.
Let’s break down what matters most and how smart taxpayers are positioning themselves for 2026.
The 2026 Filing Season: Why This Year Is Different
This is the first full tax season where major OBBB changes apply, including:
- No tax on tips
- No tax on overtime
- No tax on car loan interest
- Enhanced senior deductions
- New Trump Accounts for children
- New digital asset reporting rules
- Updated 1099-K thresholds
These provisions impact how income is reported, how deductions are claimed, and how refunds are paid.
For modern businesses and digital earners, the key issue is income visibility. The IRS receives more third-party data than ever before—from Amazon, Shopify, Stripe, PayPal, Venmo, YouTube, TikTok, and crypto brokers. Even if you don’t receive a tax form, the IRS may still have the data.
This is why early reconciliation is now essential.
IRS Online Accounts: The First Tool Smart Taxpayers Use
One of the most powerful tools for preventing surprises is the IRS Individual Online Account. It allows taxpayers to see:
- Estimated tax payments
- Prior returns
- Account balances
- IRS notices
- Identity Protection PINs
Example:
A content creator earning income from YouTube ads, TikTok brand deals, and affiliate links may receive payments from multiple platforms—some of which do not issue 1099s if thresholds aren’t met. By reviewing the IRS account early, we can compare what the IRS sees versus what the creator actually earned, allowing us to fix discrepancies before filing and avoid automated IRS notices later.
This is critical for CPA for YouTubers, CPA for TikTokers, and CPA for Creators.
Direct Deposit Is No Longer Optional
The IRS is phasing out paper checks. Refunds are being issued by direct deposit only.
For business owners and investors, this means:
• Faster refunds
• No lost checks
• No mail fraud
• Better cash-flow planning
Example:
A Shopify store owner selling through Stripe, PayPal, and Amazon Marketplace may receive a large refund after inventory and expense reconciliation. With direct deposit already set up, the funds arrive within days instead of weeks—critical for restocking inventory and managing advertising budgets.
New Schedule 1-A: Major Deductions in One Place
Schedule 1-A is where taxpayers will now claim:
• No tax on tips
• No tax on overtime
• No tax on car loan interest
• Senior deductions
Example:
A medical professional working hospital shifts, taking overtime, and financing a new U.S.-assembled vehicle can now deduct overtime income and car loan interest—potentially saving tens of thousands in federal tax.
This is where CPA for Medical Practice and CPA for Doctors strategies make a massive difference.
Trump Accounts: The New Wealth-Building Tool for Children
Parents can now open Trump Accounts, a new retirement-style investment account for children under 18. Certain children born between 2025–2028 qualify for a $1,000 government seed contribution.
Example:
A high-net-worth family may combine Trump Accounts with trusts, 529 plans, and gifting strategies—allowing children to accumulate tax-free investment growth starting at birth.
This is why CPA for High Net Worth Individuals is no longer optional—it is a wealth strategy.
1099-K and 1099-DA: Income Is Taxable Even Without Forms
1099-K is issued only if:
• $20,000 AND
• 200+ transactions
1099-DA is issued for crypto trades, but even without it:
All digital asset income is taxable.
Example:
An Amazon seller may have inventory in FBA warehouses across states, payments coming through multiple channels, and crypto-based suppliers. Even if no single platform issues a form, all income must still be reported. Our job is to reconcile everything into one clean tax position.
Refund Tracking and Fraud Protection
Tools like Where’s My Refund and Identity Protection PINs help prevent delays and fraud—but only if set up properly.
Example:
A dental practice receiving patient payments through Square and insurance reimbursements through ACH can protect itself from IRS refund fraud by securing online account access and IP PINs before filing.
Choosing a Tax Professional Is Now a Financial Decision
This tax year includes:
• Digital assets
• Multi-platform income
• New deductions
• Cross-state activity
• New reporting systems
This is not a DIY tax year.
At Velin & Associates, Inc., we work with:
• Online Commerce
• Shopify Store
• Amazon Business
• Filmmakers
• Doctors
• High Net Worth Individuals
We don’t just file—we engineer your tax outcome.
Final Thoughts
The 2026 filing season is about more than submitting a return. It’s about:
✔ Protecting income
✔ Capturing new deductions
✔ Preventing IRS mismatches
✔ Optimizing cash flow
✔ Building long-term wealth
The taxpayers who prepare early will pay less and stress less. For more information about our tax planning services, contact us today: visit our website.
Velin & Associates, Inc
8159 Santa Monica Blvd STE 198/200 West Hollywood, CA 90046
323-902-1000
dmitriy@losangelescpa.org
CPA for YouTubers | CPA for Shopify Store | CPA for Online Commerce | CPA for Creators | Shopify Store CPA | CPA for Filmmakers | CPA for Amazon Business | Amazon Business CPA | CPA for Dental Practice | Dentist CPA | Dental Business CPA | Online Commerce CPA | CPA for TikTokers | CPA for Doctors | CPA for Medical Practice | CPA for High Net Worth Individuals
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.