When can I file my taxes for 2023? What to know about tax brackets, deadlines and refunds
Whether you're dreading tax time or anxious to get it over with, it's almost that time again. Tax season is about to begin (again).
The Internal Revenue Service has announced it will begin accepting 2023 tax returns as of Jan. 29.
New tax brackets and other credits and deductions have been announced, too. This is done to ensure you don’t end up in a higher tax bracket because of inflation and a rise of the cost of living. Even so, higher-income people always fall under higher tax brackets than lower-income people.
If you’d like to get this annual chore over with and collect your refund as soon as possible, here’s what you need to know before you file.
How early can I file taxes in 2024?
You can start filing your taxes Jan. 29, the IRS has announced.
When is the 2024 tax deadline?
April 15. Tax Day is always April 15 unless that date falls on a weekend or a holiday. For 2024, the April 15 tax deadline is on a Monday.
When does tax season start?
Tax season is the period when individuals and businesses prepare their documents for filing taxes, according to Investopedia. Tax season begins late January when the IRS begins accepting tax returns for the previous year, and ends April 15. Extension deadlines are typically in October.
New federal income tax brackets for 2024
Tax brackets for 2023 increased 7% to account for the 40-year high inflation of 8% in 2022, USA TODAY reports. And the IRS already has announced tax brackets will get another 5.4% increase for 2024.
The IRS raises tax thresholds to ensure taxpayers don't move into higher tax brackets just because of cost-of-living increases, USA TODAY noted.
Here are the 2023 tax brackets:
For individual filers:
10% for income below $11,000
12% for incomes over $11,000
22% for incomes over $44,725
24% for incomes over $95,375
32% for incomes over $182,100
35% for incomes over $231,250
37% for incomes over $578,125
For married couples filing jointly:
10% for income below $22,000
12% for incomes over $22,000
22% for incomes over $89,450
24% for incomes over $190,750
32% for incomes over $364,200
35% for incomes over $462,500
37% for income greater than $693,750
What is the new standard deduction?
The standard deduction for 2023 rose to $13,850 for individuals and $27,700 for married couples filing jointly, also a 7% increase according to USA TODAY.
An additional standard deduction for people over 65 is $1,850 if you are single or filing as a head of household, and $1,500 for married couples filing jointly.
Forms you need to file taxes
Have your W-2, W-9 and 1099 documents ready. You’ll need these documents and records on hand to file your 2023 returns, the IRS website advises:
Form W-2 from your employer(s), which are due to you by Jan. 31
Form 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity or retirement plan distributions
Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
Form 1099-INT if you were paid interest
Other income documents and records of digital asset transactions
When can I expect my tax refund?
The IRS says it issues “more than nine out of 10 refunds in less than 21 days.” Allow time time for the refund check to reach your bank account or mailbox. Paper returns can take four weeks or more to process.
Tax relief for Tennessee residents
Taxpayers affected by the severe storms and tornadoes that began Dec. 9 have until June 17 to file various federal and business tax returns and make payments, the IRS announced. The extension applies to disaster areas designated by the Federal Emergency Management Agency and includes Davidson, Dickson, Montgomery and Sumner counties.
Individuals and households that reside or have a business in these counties qualify for the tax relief. The same extension will be available to any other Tennessee locations added later to the disaster area.
Do I have to file a Tennessee income tax return?
Tennessee does not have individual income tax, so you don’t need to file a state income tax return. Only a federal tax return is required for Tennessee residents.
What if my tax return isn't ready by April 15?
If you need more time file your taxes and are unable to submit your return by April 15, then you can file for an automatic six-month extension, which will give you until Oct. 15 to file, according to the IRS website. If you owe federal taxes, however, you still need to pay them by the April 15 deadline to avoid late fees.
USA TODAY contributed to this article.
Devarrick Turner is a trending news reporter. Email devarrick.turner@knoxnews.com. On X, formerly known as Twitter @dturner1208.
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This article originally appeared on Knoxville News Sentinel: When to file your 2023 tax return, what else to know during tax season
