Taxes & IRS Guides
2026 federal tax brackets, deductions and credits, filing your first return, and what to do if you're behind with the IRS.
Taxes & IRS: quick answers
How Much Do I Owe in Federal Taxes? (2026 Tax Brackets Explained)
The 2026 federal tax brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%. For single filers, 10% applies to the first $12,400 of taxable income, 12% up to $50,400, and 22% up to $105,700. The standard deduction is $16,100 for single filers and $32,200 for married couples.
What Tax Deductions Can I Claim? (Complete List for 2026)
Common 2026 deductions include traditional 401(k) and IRA contributions, HSA contributions, student loan interest (up to $2,500), and self-employment expenses. If you itemize, you can deduct mortgage interest, state and local taxes, charitable gifts and medical costs above 7.5% of AGI. Credits like the Child Tax Credit cut your bill dollar-for-dollar.
How Do I File Taxes for the First Time? Step-by-Step Guide
To file taxes for the first time: confirm you need to file, gather your W-2s and 1099s, choose a method (IRS Free File, Direct File, tax software or a preparer), enter your information, and e-file with direct deposit. Most first-time filers take the standard deduction ($16,100 single in 2026) and finish in under an hour.
What Happens If I Don't File My Taxes? (Penalties & Consequences)
If you don't file taxes and owe money, the IRS charges a failure-to-file penalty of 5% of unpaid tax per month (up to 25%), a failure-to-pay penalty of 0.5% per month, and interest on both. If you're owed a refund there's no penalty — but you lose it after 3 years.