April 14, 2026
By Margaret Allen
PRESENTED BY Crowne Point Tax & Wealth Counsel
THIS WEEK
New Tax Law Changes Are Creating Bigger Refunds and Better Planning Openings
This season, many taxpayers are seeing that tax law changes are doing more than adjusting line items. They are changing the size of refunds and creating new planning opportunities. A recent Kiplinger report says many filers may receive larger-than-usual refunds because the One Big Beautiful Bill Act made retroactive changes for the 2025 tax year, including a higher standard deduction, a higher cap on property tax deductions, and an extra deduction for many taxpayers 65 and older. Kiplinger also notes that IRS withholding tables were not updated in time for many taxpayers, which likely caused over-withholding during 2025.
Among the most meaningful shifts:
A higher standard deduction and a higher property tax deduction cap may reduce taxable income more than many filers expected this year.
Many taxpayers may be seeing the benefit of those changes now through larger refunds, rather than through lower withholding during 2025.
The IRS says its One Big Beautiful Bill resources now cover individuals and workers, families and dependents, businesses, healthcare, and related guidance, which shows how broad the law’s planning impact has become.
These changes are not just filing season trivia. They are a reminder that this year’s refund, deduction profile, and withholding outcome can reveal where your tax strategy is already working and where it still needs attention.
ALSO THIS WEEK
Five Legal Tax Savings Opportunities Are Still Easy to Miss
Tax savings are not always about sweeping changes or complicated structures. Sometimes the best opportunities come from understanding timing and using the code as it is already written. An AP piece provided by Morningstar highlights several provisions that can legally reduce taxes, including the 0% capital gains rate for eligible lower-income households, the Augusta Rule for short-term home rentals, low-income Roth conversion windows, and qualified charitable distributions for older taxpayers.
A few especially useful takeaways stand out:
Tax timing matters. In lower-income years, some investors may be able to realize long-term capital gains at a 0% federal rate.
Retirees in gap years may have an opportunity to convert traditional IRA assets to Roth accounts at a relatively low tax cost.
For taxpayers over age 70½, qualified charitable distributions can reduce taxable income while supporting charitable giving goals.
The common thread is that tax savings often come from timing, eligibility, and coordination rather than from last-minute scrambling. The people who benefit most are usually the ones planning before the opportunity closes.
QUICK HIT
How Fast Refund Processing in 2026 Can Influence Your Next Money Move
Your return can do more than determine your refund. It can also shape your next financial decision, especially when the money arrives quickly. The IRS says tax filing season has been moving smoothly, with more than 80% of refunds issued in less than 21 days and the average refund amount reaching $3,571 through March 20. That gives taxpayers a chance to think more intentionally about where that money should go next, whether that means savings, debt reduction, or adjusting their withholding strategy for the rest of the year. Read more here.
THE BOTTOM LINE
What to Handle Before Tomorrow’s April 15 Deadline
Tomorrow is not just the day to file. It is also the deadline to pay any tax due, submit an extension if you are not ready to file, make certain prior-year IRA contributions, and for some taxpayers, send the first estimated tax payment for 2026. The IRS makes clear that an extension gives you more time to file, not more time to pay, so waiting without taking action can get expensive fast.
There is also a practical issue with waiting until the last minute by mail. The Taxpayer Advocate Service warned that new USPS postmark rules could affect whether a filing is treated as on time, which makes e-filing or getting proof of mailing especially important right now.
The main takeaway is simple: treat April 15 as both a filing deadline and a planning deadline. The people in the best position tomorrow will not just be the ones who submit paperwork, but the ones who make sure the right payment, extension, or contribution decision is handled before the day ends.
That's the week. See you next edition.
Margaret Allen
Editor-in-Chief
Smrtt Money
P.S. Tax season doesn't wait — and neither do the rules. The sooner you have a strategy in place, the more you keep. Book your free 30-minute session here.