2024 Tax Season: Important Deadlines, Changes, and Brackets You Need to Know
Tax professionals recommend filing taxes early in 2023 to potentially receive a refund sooner. Last year, the average tax refund was $2,753, down from the previous year due to waning pandemic benefits. However, inflation adjustments may increase refunds this year. Adjustments include higher income thresholds for tax brackets, increased standard deductions, and higher contribution limits for 401(k) and IRAs. Filing early also helps protect personal information, allows time for accurate returns, and provides an opportunity to prepare finances if money is owed. Tax preparation can begin as soon as all necessary tax information is received, and tax preparers can queue filings for automatic submission when the IRS opens tax season.