Taxpayers Enjoy Bigger Federal Tax Refunds But Face Decrease in Overall Refunds
Higher Average Federal Tax Refunds, But A Dip In Total Refunds Issued
According to Detroit Free Press, This year people are getting more money back from the government when they file their taxes. On average the IRS is giving out $3,182 per person which is up by 5.1% from last year. That’s good news for many who look forward to using their federal tax refunds to cover expenses or save for the future. However even though the average refund is higher fewer people are receiving refunds overall compared to last year. The IRS has issued 13.7% fewer refunds this year totaling 36.28 million and the total amount of money refunded is down by 9.3%.
Record High Federal Tax Refunds Bring Surprising Downside for Taxpayers! (PHOTO: Yahoo Finance)
IRS Assures Smooth Sailing Amidst Refund Drop: Taxpayers Urged to Plan Wisely
Despite the drop in the number of refunds the IRS says that everything is going well with the tax filing process this year. They report that all systems are running smoothly and they haven’t encountered any major problems. This reassurance from the IRS helps ease worries about delays or complications in getting tax refunds. As people navigate through this tax season they’ll need to consider how the mix of higher average refunds and fewer total refunds might affect their financial plans.
READ ALSO: Unlocking Savings: America’s Top 5 Tax Credits 2024 You Need To Know About!
