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Updated on: July 13, 2023
If you’re like most people, you’ll have to file taxes in 2024 for your 2023 income. Filing your taxes early can help you to receive your refund earlier. Read more to find out when you can file your 2023 taxes, what documents you’ll need to file your taxes, what the penalties are for missing the tax deadline, and how to file an extension.
The deadline for filing federal income tax for 2023 is Monday, April 15, 2024. If you’re wondering when you can file your 2023 tax return, the Internal Revenue Service (IRS) typically starts accepting tax returns in mid- to late-January each year.
In the meantime, you can still prepare to file your 2023 taxes earlier by gathering the information you need—such as your W-2 and other important tax documents. Jackson Hewitt’s Tax Pros can also help you prepare your return for tax season.
Benefits of filing taxes sooner
You have until April 15, 2024, to meet the federal taxes deadline, but there are numerous benefits to filing earlier. Consider the following strategies and their advantages:
- Direct deposit could shorten the time it takes to receive your refund. Time is money, and the earlier you get your money, the more opportunities you have to put it to use. Or you can save the money or put it toward something you and your family want or need. File your tax return electronically to get the fastest tax refund and request direct deposit to your bank account. This can shave weeks off the time it can take to receive a tax refund check in the mail.
- If you work early with a Tax Professional to file your taxes, you’re more likely to get the appointment you want. The closer it gets to the tax deadline, the more quickly appointments get filled. Schedule your appointment as early as you can to ensure you’re able to meet with a Tax Pro when you want.
- Identity theft is on the rise. The earlier you file your 2023 taxes, the less time an identity thief files a fake tax return under your name and steals your tax refund. The Insurance Information Institute reported an increase in losses from identity theft to $721 billion in 2021 from $502.5 billion in 2019.
- For divorced or separated taxpayers, the IRS recognizes the physical custodial parent as the one eligible to claim the dependent. For the custodial parent, it’s important to file early to make sure that you claim your dependents.
What documents do I need to file my 2023 taxes?
Before you begin filing your taxes, gather all the documentation you’ll need to complete it. Along with copies of previous tax returns and Social Security numbers and other taxpayer identification numbers for those on your tax return, additional documentation and receipts you’ll need to file your 2023 taxes include:
- Social Security benefits;
- Unemployment compensation;
- Income and expense receipts for your small business or farm, if applicable;
- Income and expense receipts from rental property and royalties;
- K-1s from trusts, estates, subchapter S corporations, and partnerships, if applicable;
- W-2s for annual wages;
- Form 1099-INT for any interest income;
- Form 1099-NEC and 1099-K for self-employment and gig income;
- Form 1099-G for certain government payments such as unemployment compensation;
- Forms 1099-DIV for dividends and capital gains distributions received from stocks, bonds, and mutual funds;
- 1099-R for distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and other types of retirement plans; and
- Form 1095-A (Health insurance Marketplace Statement) prepaid amounts for your health insurance purchased through your state’s marketplace.
Not sure what documents you need to bring? A Tax Pro can help you figure out which forms apply to you. Rest assured that many forms will be sent to you automatically by January 31, of the tax-filing season. For example, employers must send W-2 forms by January 31.
What are the 2023 tax brackets (taxes due in April 2024)?
The 2023 tax year—the return you'll file in 2024—will have the same seven federal income tax brackets as the 2022-2023 season: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your filing status and taxable income, including wages, will determine the bracket you're in. Tax brackets are part of a progressive tax system, meaning the percentage or level of tax increases as taxable income increases.
Tax deductions for 2023 taxes
As you begin to plan for filing your taxes, you may also be thinking about your tax deductions. Tax deductions, often called tax write-offs, can help decrease a certain amount of your taxable income. Lower taxable income translates into a lower tax bill—or a larger refund for you and your family.
As part of the Inflation Reduction Act, the standard deduction for married couples filing jointly for tax year 2023 rises to $27,700, up $1,800 from the prior year.
For single taxpayers and married individuals filing separately, the standard deduction rises to $13,850 for 2023, up $900. And for heads of household, the standard deduction will be $20,800 for tax year 2023, up $1,400 from the amount for tax year 2022.
Standard deduction amounts for 2023 taxes (Returns due April 2024)
Standard Deduction 2023
Single, or Married Filing Separately
Married Filing Jointly & Surviving Spouses
Head of Household
If your total itemized deductions exceed the amounts above, you may consider itemizing. If you have less than the standard deduction to write off, stick with that. You’ll also want to begin thinking about tax credits for which you may qualify. A Jackson Hewitt Tax Pro can help you decide what is best for your specific situation.
What if I miss the tax deadline?
If you file an extension by the tax deadline each year, you won’t be penalized. For example, next year, if you file a federal extension by April 15, 2024, you will not be penalized.
What is the penalty for missing the tax deadline?
For federal taxes, the late-filing penalty is 5% of the unpaid taxes, with a minimum penalty of $330, or 100% of the unpaid taxes if less, when the return is filed late. The penalty increases 5% a month until the taxes are paid, or the penalty reaches 25% of the unpaid taxes. The penalty for filing late is higher than the penalty for paying late. Work with a Tax Pro to figure out your specific state penalties.
How to file a 2023 tax extension
For 2023 taxes, you can file IRS Form 4868 to apply for an extension. An extension will give you until October 15, 2024, to finish filing your tax return. It’s important to note that 2023 tax payments are still due to the IRS on April 15, 2024. Regardless of the extension on your forms, you still would need to pay your taxes, or set up a payment plan by April 15, 2024.
Ready to file your taxes?
When you have the paperwork you will need to file your taxes, there are plenty of tax-filing options available to you. Contact us to learn more about how we can help you file your taxes as soon as possible. Locate a Jackson Hewitt Tax Pro in your area.