Tax season: Here is everything you need to know when filing your federal taxes in Kentucky

Ana Rocío Álvarez Bríñez and Elisabeth Buchwald, Louisville Courier Journal
·5 min read

The new year means the tax season clock is ticking.

Filing taxes is a task that every U.S. citizen or permanent resident above a certain income level must conduct annually. Here are some tips and reminders so you can be prepared before the deadline in April.

Tax season is here:How long will it take to get a Kentucky state tax refund?

When is the filing deadline for 2023?

Taxes are due this year by April 18, since April 15 falls on a Saturday and Emancipation Day, a holiday observed in Washington, D.C., is April 17.

If you request an extension, you'll have until Oct. 16 to file your return. That doesn't buy you more time to pay your taxes – you'll still have to pay any amount due to avoid penalties, but you'll have more time to complete your tax forms.

The Internal Revenue Service started accepting and processing tax returns on Jan. 23. Employers were required to send you your W-2 by Jan. 31. Most 1099 forms are due by the end of January as well.

Tax season 2023 officially started:Here are key deadlines to keep in mind

How do I file taxes by myself?

Here are the steps to filing your taxes, according to a guide from usa.gov:

  • Gather the documents you need - Your W-2 Form, which your employer gives to you; 1099 and 1099-INT forms; other earning and interest statements; and receipts you may have from charitable donations or medical and business expenses.

  • Choose your filing status - This is determined based on your marital status and how much you paid for household expenses.

  • Decide how you are filing your taxes - You can either file electronically or you can mail them in.

  • Decide how you are going to handle your deductions- Standard deduction or itemized deduction.

  • Pay the money you owe, if needed- If you need to make a payment, you can do so through your bank account or with a credit card or digital wallet, like PayPal.

What's the difference between standard deduction and itemized deduction?

Standard deduction and itemized deduction are the two different methods to calculate tax deductions.

To determine if you should file as a standard deduction, consider your income, your age, if you are blind or not and your filing status — which is based on your marital status and how much you paid for household expenses.

The IRS has an online platform to determine you standard deduction total. You will need your date of birth and the date of birth of your spouse, if it applies, and your filling status along with basic income.

The IRS says you should itemize deductions "if your allowable itemized deductions are greater than your standard deduction or if you must itemize deductions because you can't use the standard deduction." The IRS has a list of allowed itemized deductions on its webpage. Some people, including those who contributed a lot of money to charity or had a high amount of reimbursed medical expenses, can reduce tax expenses if they fill out Form 1040 for itemized deductions.

Where do I file my taxes?

Several electronic platforms where you can file your taxes are available, including IRS Free File, Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs, commercial software programs and authorized e-file providers.

If you're filing your taxes on paper, the IRS has specific addresses for each state, but be warned, it may take longer to receive your returns.

If you're a Kentucky resident filing a Form 1040 without enclosing a payment, mail it to:

Department of the TreasuryInternal Revenue ServiceKansas City, MO 64999-0002

If you're a Kentucky resident filing a Form 1040 with a payment, mail it to:

Internal Revenue ServiceP.O. Box 931000Louisville, KY 40293-1000

What's the best way to receive your 2023 tax refund?

Though the IRS can mail you a paper check, the service says the fastest and safest way is through a free, electronic direct deposit. Eight out of ten taxpayers already receive their refunds through direct deposit, according to the IRS, and there is "no chance of (the refund) going uncashed, getting lost, stolen, or destroyed,”

How long does it take to get your tax refund by direct deposit?

Most refunds are issued in less than 21 days for taxpayers who filed electronically and chose direct deposit. You can track your refund through the IRS' "Where's My Refund" tool.

What are the 2022 US federal tax brackets?

A tax bracket is a range of incomes subject to a particular income tax rate. The IRS adjusts tax brackets every year to account for inflation, so the threshold for each of the seven tax brackets increased from 2021 to 2022. The IRS has already released tax brackets for this year to be filed in 2024.

2022 US federal tax bracketSee individual, joint, head of household return brackets

Got married in 2022? Should you file taxes jointly or separately?

In order to file a joint tax return in 2023, you have to have been legally married by Dec. 31, 2022. if you got your marriage license in 2022, the IRS considers you married. But if you were divorced or legally separated from your spouse at any point in 2022, you're considered unmarried for the year and cannot file a joint return.

Guide for couples who married in 2022:Take a look at where you fit within the brackets and decide where you'll get the biggest refund

USA TODAY reporters Medora Lee and Clare Mulroy contributed to this article.

This article originally appeared on Louisville Courier Journal: Filing taxes in KY: Deadlines, how to file by yourself, tax brackets