Tax Refunds Soar Nationally: LendingTree Study Reveals 14% Increase
Florida Leads WKRG Area: Surprising Tax Refund Rankings Unveiled
According to published article of wkrg, According to a recent study by LendingTree tax refunds across the United States saw a significant increase of 14% year over year. However for residents within the WKRG News 5 coverage area the top state for refunds wasn’t Mississippi Florida or Alabama. Surprisingly Florida claimed the highest spot ranking fourth with an average refund of $5,005 while Mississippi and Alabama secured the 20th and 22nd positions with refunds averaging $4,067 and $3,986, respectively.
Tax Refund Triumph: Florida Leads WKRG Coverage Area in Generous Returns (PHOTO: AZCentral)
Changing Trends: Survey Shows Increased Reliance on Tax Refunds Amid Economic Shifts
The spike in tax refunds can be attributed to various factors with COVID-19 playing a major role according to officials. The pandemic prompted several tax breaks and credits alongside factors like expanded tax credits and student loan forgiveness contributing to larger refunds for many taxpayers. As people anticipate their refunds a survey indicates that 83% of Americans plan to file federal income tax returns this year with 40% relying on their refund—a notable increase from the previous year reflecting the financial impact of the pandemic and changing economic dynamics
READ ALSOI:The Child Tax Credit Expansion Delivers More Relief
