ORLANDO, Fla. — The time has arrived – if you have not filed your taxes yet, you have until the end of the day on Monday. For many Americans, the tax refund could be bigger this year after the IRS made several changes to the income tax brackets to help adjust for inflation.
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In 2022—a person filing as ‘single’ earning between $41,766 to $89,075 paid 22% of their income to the IRS.
But in 2023, that tax bracket bumped to $44,726 to $95,375. That’s a 7% change.
“The tax brackets were updated this year generously. So, if your situation stays the same, you may be getting a bigger refund. That’s the good news, that’s more incentive to get filing,” said Kathy Pickering, Chief Tax Officer of HR Block. “At this point in time, a lot of people get anxious and overwhelmed, but it’s important to take a breath a be calm.”
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For those paying for their student debt, attention to detail is crucial.
“For people who are now repaying their student loans, you’re able to deduct your interest, and you don’t have to itemize to deduce,” said Pickering.
The same advice applies to those who left their tax filing to the last minute – double-checking every piece of information you put in your return can make a big difference.
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“People make a lot of very simple mistakes. Things like keying in social security number wrong, or silly things like a typo or spelling the name wrong or missing your child’s information,” said Pickering. “Things like that can make the difference on whether your return gets accepted by the IRS or not.”
Now if you feel like you won’t be able to meet the deadline, here’s the good news – you can file for an extension. But there’s a catch. “What people don’t understand is that an extension to file your return is not an extension to pay your taxes,” said Pickering. “You still need to estimate what you think you owe and make that payment.”
According to the IRS, last year’s average tax refund was just above $ 3,000; this year that average is expected to be higher because of the changes in income tax brackets. If you do qualify for a refund, you’ll receive that money within 6-8 weeks, or sooner if you use direct deposit.
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If you need help filing taxes at the last minute, here are some local options that could help you get the job done:
- United Way Free Tax Pre
- Florida Department of Revenue
- Individual Income Tax Document Checklist
- U.S. Government Tax Help
- Goodwill of Central Florida free tax assistance
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