Why Is It Important to File Your Federal Income Taxes Every Year?

Key Takeaways

There are many reasons why filing your Federal tax return every year is important. For one, it’s the law, but it could also save you money!
The deadline to file your 2024 tax return is April 15, 2025.
Filing sooner than later comes with many benefits, including getting the money you’re owed earlier.
You’ll need your government-issued ID to file, as well as all of your tax documents, like your W-2 or 1099-K.
The 2024 tax brackets are 10%, 12%, 22%, 24%, 32%, 35%, and 37%, and your bracket is determined by your filing status and taxable income.
The standard deduction has increased by $750 for single filers and $1,500 for married couples filing jointly from last year.
If you miss the tax deadline for 2024, it could lead to IRS penalties and interest. However, your local Tax Pro can help avoid penalties and interest by helping you file an extension and set up a payment plan.
For 2024 taxes, you can file IRS Form 4868 to apply for an extension.
For Federal taxes, the late-filing penalty is 5% of the unpaid tax, with a minimum penalty of $485, or 100% of the unpaid tax if less, when the return is filed later than 60 days.

Why is it important to file your Federal income taxes every year? 

Filing your Federal income tax return every year is important for many reasons.

It’s the law. Most people and businesses are required to file, and failing to do so could result in penalties, interest, or even legal consequences.
It saves you money. Filing on time helps you avoid costly late fees if you owe tax. Additionally, even if you don’t owe, you may qualify for valuable tax credits, like the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC). This is money you could be leaving on the table if you don’t file.
 It could help you secure funding for major life expenses. Your tax return serves as proof of income for loans, mortgages, and financial aid, necessary for things like buying a home or paying for college.
It helps protect your future benefits. If you're self-employed, filing ensures you receive Social Security and Medicare credits.

Keeping up with filing your tax return each year also gives you peace of mind, helps you stay financially responsible, and prevents unexpected IRS notices and penalties.

Need help? Jackson Hewitt's Tax Pros can guide you every step of the way. 

Tax Day 2025: When to file 2024 taxes? When is Tax Day in 2025? 

The deadline to file your 2024 tax return, or as insiders may call it, “Tax day 2025,” is Tuesday, April 15, 2025. If you’re wondering when you can file your 2024 tax return, the Internal Revenue Service (IRS) typically starts accepting tax returns in mid- to late-January each year. That means the tax-filing season is well under way, and if you haven’t filed yet, there’s no need to wait!

Benefits of filing taxes sooner 

You have until April 15, 2025, to meet the Federal tax filing deadline, but there are many benefits of filing earlier.

Get your money sooner. The sooner you file your tax return, the sooner you’ll get your refund. Another way to ensure you get your money ASAP? File your tax return electronically and request direct deposit to your bank account or get your refund on a prepaid card. This can shave weeks off the time it can take to receive a tax refund check in the mail. 
Score the appointment that works for you. The closer we get to the April 15 deadline, the busier your local Tax Pro will be. Booking your appointment earlier means you’re more likely to get the appointment you want. Keep in mind that you can also use Jackson Hewitt’s drop-off service if you can’t get the spot that works best for you. Just drop off your tax documents, and your local Tax Pro will do the rest.
Protect your identity. Identity theft is on the rise. The earlier you file your 2024 tax return, the less time an identity thief has to file a fake tax return under your name and steal 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. 
Claim your dependents. If you are divorced or separated and are the custodial parent, it’s important to file early to make sure that you claim your dependents without issue. The IRS typically recognizes the physical custodial parent as the one eligible to claim the dependent.

Prepare for your appointment by gathering the information you need, such as your W-2 and other important tax documents. Jackson Hewitt’s Tax Pros can help you prepare your return. 

What documents do I need to file my 2024 taxes?

Before you come in to file your tax return, gather all the documentation you’ll need to complete it. This may include:

Government-issued ID
Social Security number
Income and expense receipts for your small business
Income and expense receipts from rental property and royalties
K-1s from trusts, estates, subchapter S corporations, and partnerships
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
1099-R for distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, and other types of retirement plans
Form 1095-A (Health insurance Marketplace Statement) prepaid amounts for your health insurance purchased through your state’s marketplace

You may also need copies of your previous tax returns as well as Social Security numbers and other taxpayer identification numbers for anyone else on your tax return.

Not sure what documents you need to bring? You can use our free tax document checklist. Or, a Tax Pro can help you figure out which forms apply to you. Many of the forms you’ll need should have been sent to you automatically by January 31.

What are the 2024 tax brackets (taxes due in April 2025)?

The 2024 tax brackets, applicable for the tax return you’ll file in 2025, are the same as last year’s Federal tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Your filing status and taxable income will determine the bracket you're in. Tax brackets are part of a progressive tax system, where the rate of tax increases as taxable income increases.

Tax deductions for 2024 taxes 

Tax deductions, often called tax write-offs, can help decrease your taxable income. Lower taxable income translates into a lower tax bill, and sometimes, a larger refund for you and your family.   

The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, up $1,500 from the prior year.  

For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, up $750. And for heads of household, the standard deduction will be $21,900 for tax year 2024, up $1,100 from the amount for tax year 2023. 

What if I miss the tax deadline? 

If you miss the tax deadline, you may be facing IRS penalties or interest. However, if you file an extension by the tax deadline, April 15, 2025, the IRS will not penalize you for filing late. 

Keep in mind that, even if you file an extension, the IRS still requires you to pay by April 15, if you owe tax. If you cannot pay what you owe, your Tax Pro can help you set up a payment plan. This will allow you to pay according to your budget and avoid penalties and interest from the IRS.

What is the penalty for missing the tax deadline? 

For Federal taxes, the late-filing penalty is 5% of the unpaid tax, with a minimum penalty of $485, or 100% of the unpaid tax if less, when the return is filed late by 60 days. The penalty increases 5% every month until the tax is paid, or the penalty reaches 25% of the unpaid tax. The penalty for filing late is higher than the penalty for paying late. Work with a Tax Pro to figure out the specific penalties for your state. 

How to file a 2024 tax extension 

For 2024 taxes, you can file IRS Form 4868 to apply for an extension. An extension will give you until October 15, 2025, to finish filing your tax return. It’s important to note that 2024 tax payments are still due to the IRS on April 15, 2025. Regardless of the extension on your return, you still are required to pay your taxes, or set up a payment plan by April 15, 2025, to avoid IRS penalties and interest. 

Ready to file your taxes? 

If you’ve got the documents you need to file, don’t wait! Hurry in to beat the deadline and file with an expert who will work hard to get you every dollar you deserve. Find a local Jackson Hewitt Tax Pro near you. 