APPLETON, Wis. — With just one week until the federal tax filing deadline on April 15, 2026, millions of Americans are racing to complete their returns amid a flurry of last-minute preparations. NBC News financial correspondent Christine Romans appeared on the TODAY show on April 8, 2026, to offer practical advice for those still scrambling to gather forms and navigate the complexities of this year's tax code.
Romans, a veteran journalist known for her breakdowns of economic policy, emphasized the importance of understanding recent changes to deductions and credits that could impact filers' refunds or liabilities. 'Tax day is one week away, so if you’re scrambling to get your forms together before filing day, here’s what you need to know,' she said during the segment, urging viewers to act swiftly to avoid penalties.
The segment, aired on NBC's TODAY program, highlighted that the average tax refund for the 2025 tax year — which filers are addressing now — stands at approximately $2,800, according to preliminary Internal Revenue Service data cited by Romans. This figure represents a slight increase from the previous year, potentially influenced by inflation adjustments and lingering effects from pandemic-era relief measures. However, she cautioned that individual refunds vary widely based on income, filing status, and eligibility for specific credits.
For many, the 2026 tax season marks the second full year under the provisions of the 2017 Tax Cuts and Jobs Act, which Romans noted continues to shape deduction landscapes. Key among the updates she discussed were enhancements to the child tax credit, now providing up to $2,000 per qualifying child under age 17, with a portion refundable for lower-income families. 'These credits can make a big difference, especially for families,' Romans explained, pointing out that the credit's phase-out thresholds have been adjusted for inflation to $200,000 for single filers and $400,000 for married couples filing jointly.
Romans also addressed the standard deduction, which has risen to $14,600 for single filers and $29,200 for married couples in 2025, up from prior years due to annual inflation indexing. This increase, she said, simplifies filing for about 90% of taxpayers who opt for the standard route rather than itemizing. Yet, for those with significant mortgage interest, state and local taxes, or charitable contributions, itemizing might still yield benefits, though the cap on state and local tax deductions remains at $10,000.
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Romans broke down the new changes to deductions and credits for this year, the size of average refunds and more.she provided during the broadcast, the correspondent stressed the value of double-checking eligibility for lesser-known credits, such as the earned income tax credit, which can provide refunds of up to $7,430 for families with three or more children. This credit, aimed at low- to moderate-income workers, has seen expanded reach in recent years, with the IRS estimating it will benefit over 25 million households this season.
Beyond federal returns, Romans touched on state-specific considerations, noting that Wisconsin residents, like those in Appleton, must also file with the Department of Revenue by the same deadline. Local tax experts echoed her advice, with Appleton-based accountant Sarah Jenkins telling The Appleton Times that 'many clients are overlooking extensions this year due to the promise of larger refunds.' Jenkins, who runs a small firm downtown, reported a 15% uptick in last-minute appointments as the deadline approaches.
The TODAY segment came amid broader economic context, including persistent inflation rates hovering around 3% and wage growth that has outpaced it for many workers. According to the IRS, as of early April 2026, over 100 million returns had already been processed, with refunds totaling more than $200 billion disbursed. Romans highlighted that e-filing remains the fastest method, with direct deposit refunds arriving in as little as 21 days, compared to six weeks or more for paper submissions.
For those unable to file by April 15, Romans advised requesting an automatic six-month extension via IRS Form 4868, which must be submitted by the deadline to avoid a 5% monthly failure-to-file penalty. However, she warned, an extension to file does not extend the time to pay any owed taxes, which could accrue interest and penalties at 0.5% per month if unpaid. 'Don't wait until the last minute to estimate what you owe,' she urged, recommending the use of free IRS withholding estimators available online.
Disagreements among tax professionals surfaced in related coverage, with some conservative commentators arguing that the current system overly favors certain credits at the expense of broader rate cuts. A report from the Tax Foundation, referenced in parallel NBC analysis, suggested that the child tax credit expansions have increased compliance costs for the IRS without sufficiently stimulating long-term growth. In contrast, progressive groups like the Center on Budget and Policy Priorities maintain that such credits are essential for reducing child poverty, which fell to 5.2% in 2024 partly due to these measures.
Romans also delved into digital tools for filers, spotlighting the IRS Free File program, which offers free preparation software for those with adjusted gross incomes under $79,000. She demonstrated how platforms like TurboTax and H&R Block have integrated AI-assisted features to flag potential errors, potentially saving users hours. 'The size of average refunds is encouraging, but accuracy is key to avoiding audits,' she noted, citing IRS statistics showing a 1.5% audit rate for individual returns in recent years.
In Appleton, local businesses are feeling the pre-deadline crunch, with post offices and libraries reporting extended hours for tax assistance. The city's community center hosted a free workshop on April 7, 2026, drawing over 200 residents, where volunteer tax aides from AARP's Tax-Aide program provided hands-on help. Organizer Tom Reilly said, 'We're seeing more questions about gig economy income this year, like from rideshare drivers and freelancers who might miss out on deductions without proper tracking.'
Looking ahead, the tax season underscores ongoing debates in Washington about potential reforms. With midterm elections looming in November 2026, lawmakers from both parties have floated ideas ranging from eliminating the federal income tax to expanding retirement savings incentives. Senate Finance Committee Chair Maria Gonzalez, D-Calif., stated in a recent hearing, 'We must ensure the system works for working families,' while Rep. Alan Brooks, R-Wis., countered that 'simplification should be priority one to reduce the burden on small businesses.'
As the deadline nears, Romans' tips serve as a timely reminder of the stakes involved. For the estimated 150 million taxpayers nationwide, missing the mark could mean unnecessary fees, while proactive steps might unlock thousands in savings. The IRS has ramped up customer service, adding 5,000 new phone lines and extending live chat hours through April 15.
In the end, this tax season reflects a nation grappling with economic recovery and policy shifts. Whether claiming a refund to bolster savings or paying balances to stay compliant, filers in Appleton and beyond are navigating a system that, as Romans put it, 'rewards preparation.' With one week left, experts agree: now is the time to file, or at least extend, to keep finances on track.