It’s almost a new year, but there’s still something about 2023 that needs to be wrapped up: your taxes.

Tax season typically opens in late January when the IRS officially starts accepting and processing tax filings. You usually have until April 15 to file, unless it's a holiday or weekend, which gives you more time to submit your taxes.

Professionals, however, urge most people to prepare now and get them done as soon as possible, if for no other reason than to get their refund quicker.

“Refunds were down a little last year due to waning pandemic benefits, but I think it has settled and may be up because of inflation adjustments,” said Mark Steber, chief tax officer at tax preparer Jackson Hewitt.

Last year, the average tax refund by the April deadline was $2,753, down from the prior year’s $3,012, when pandemic-related benefits helped boost refunds, the IRS said.

How does inflation affect my taxes and refund?

The IRS makes annual inflation adjustments to many tax provisions, including tax brackets, standard deductions, 401(k) and IRA contributions. Here are just a few examples of how these tweaks could help you with your taxes this year:

• Income thresholds for 2023 tax brackets were adjusted up by a record 7% because of soaring inflation. So, if your taxable income stayed relatively flat, you could end up in a lower tax bracket with a lower tax rate that goes with it.

Single filers with taxable income of $41,776 to $89,075, for example, were in the 22% federal income tax bracket last year. For 2023, that bracket applies to single filers with taxable income of $44,725 to $95,375.

So, if you have $42,000 of taxable income in 2022 and 2023, you’ll move from the 22% federal tax bracket to the 12% bracket when you file your 2023 tax return.

• Standard deductions also were adjusted up by about 7%, meaning more of your income will escape tax. Nearly 90% of American taxpayers take the standard deduction, the IRS said.

• Increased contribution limits for 401(k) and IRAs allow you to shield more income from taxes. Contributions are made with pretax money and not taxed until withdrawn unless they are added to Roth accounts. Roth accounts are funded with after-tax money and withdrawals are not taxed.

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Why should I file my taxes early?

A refund is usually the biggest incentive to file your taxes early. Three out of 4 taxpayers will likely get a refund, and “for most Americans, it’s the single largest payday of the year,” Steber said.