The chief tax information officer at Jackson Hewitt said that more Americans could get higher 2024 tax refunds after the IRS adjusted the tax brackets.
Americans could get higher 2024 tax refunds. (Photo: Getty)
2024 Tax Refunds
Millions of American taxpayers should expect higher tax refunds this year. This is after the Internal Revenue Service (IRS) adjusted the income bracket due to the rising inflation rate. Mark Steber, chief tax information officer at Jackson Hewitt, said that American taxpayers could potentially receive a 10% increase in 2024 tax refunds.
In a published article in CBS News, IRS statistics revealed that the average tax refund was $3,167, or almost 3% less than in the previous year. The small tax refunds for Americans in 2023 affected millions of families amidst the rising inflation rate.
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Inflation and Tax Refunds
According to an article published in MONEY, tax experts said that inflation can ultimately help the taxpayers this year. This is because the Internal Revenue Service adjusted many of its provisions in 2023 for inflation, pushing the standard deduction to a more generous level and raising the tax brackets to 7.1%.
Furthermore, Steber said, “Say your income didn’t keep pace with inflation — you made the same as the prior year but didn’t increase your income by that inflation rate of 7% or so — you could see a better refund. We are predicting a higher refund for those people, up to 10%.”
