The countdown is on: Taxpayers have a little over two weeks to file their 2025 tax returns and pay any taxes due by Wednesday, April 15, 2026. The Internal Revenue Service (IRS) expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically.

But this is no ordinary tax year: The 2026 tax season comes with a number of additional deductions thanks to President Donald Trump’s so-called “big, beautiful bill.” Those include no tax on tips, no tax on overtime, no tax on car loan interest, and enhanced deduction for seniors. To claim these, taxpayers will need to use the new schedule 1-A form, according to the IRS.

However, like all good things, these deductions are only temporary and expire in 2028 when Trump leaves office at the end of his second term.

You’re also probably wondering how much you’ll save on this year’s taxes, and how what kind of refund to expect. According to the IRS, the average tax refund is up nearly 11% this year, as of March 20.

Here’s what to know before you file your 2026 taxes.

No tax on tips, no tax on overtime

As Fast Company has previously reported, the No Tax on Tips provision allows eligible tipped workers to deduct a portion of their income from tips on their federal income taxes.

The provision was passed and signed into law on July 4 as part of President Donald Trump’s One Big Beautiful Bill Act (OBBBA). Eligible workers can deduct up to $25,000 of reported tip income.

It also applies to overtime, and is available to eligible taxpayers this year, regardless of whether they itemize.

In order to claim the deduction, filers must provide their Social Security number on their 1040 form, or that of their spouse when filing jointly; and employers must specify on W-2 forms how much overtime an employee received during the 2025 tax year.

No tax on car loan interest

The no tax on car loan interest deduction comes with a few stipulations: It only applies to interest on loans for personal travel, not business, for “qualified passenger vehicles” whose “final assembly” occurred in the United States. That is to say, the vehicle needs to be manufactured in the U.S.

The deduction applies only to new vehicles purchased in 2025 and 2026 (and on future tax returns, 2027 and 2028) including: vans, minivans, sport utility vehicles (SUVs), pickup trucks, and even motorcycles, according to CNN.

The deduction applies to interest on vehicle loans up to $10,000 a year (regardless of whether the deductions are itemized), and applies to single filers with an adjusted gross income up to $100,000 ($200,000 for joint filers).

Senior deductions

The new deduction for seniors applies to taxpayers age 65 and older, and offers an additional $6,000 deduction per filer (12,000 for a married couple) in addition to the standard deduction already available for seniors. It phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

How much will I save on my 2026 taxes?

According to the non-partisan Tax Policy Center (TPC), Trump’s “big, beautiful bill” will reduce taxes for Americans by about an average of $2,900 this year, with about 85% of households receiving the cut.

However, expect almost 60% of these tax benefits to go to those with incomes of $217,000 or more—in the top quintile, or one-fifth of earners.

Also worth mentioning: About 4% of households will be seeing their taxes increase.