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$3,207 Average IRS Tax Refunds Triumph: Encouraging Savings Strategies, Amidst Ongoing Financial Struggles

IRS Reports Higher Average Tax Refunds

Inflation Adjustments Provide Financial Relief

According to Finger Lakes as Tax Day gets closer people waiting for their tax refunds get good news from the IRS. The average tax refunds is now $3,207 which is 2.1 percent higher than last year. This increase comes after refunds were lower due to the end of tax benefits from the pandemic. The IRS made adjustments for inflation which means higher standard deductions and tax brackets. This helps many people by giving them some financial relief during tough times.

READ ALSO: Cayuga County Jail inmate violated court order multiple times, faces felony charges

Money Crashers)$3,207 Average IRS Tax Refunds Triumph: Encouraging Savings Strategies, Amidst Ongoing Financial Struggles

Financial Struggles Persist

But a recent survey by LendingTree shows that many Americans are still struggling financially. A lot of them plan to use their tax refunds to pay off debts. Jacob Channel who works as a top economist at LendingTree points out that even though inflation is not rising as fast everyday expenses are still high. This forces people to borrow more money just to cover their basic needs. For people lucky enough to get a tax refunds it’s important to decide how to use it wisely. One smart idea is to put it into a high yield savings account. These accounts give you more interest compared to regular bank savings accounts. By putting your tax refunds even if it’s not a lot into a high yield savings account you can grow your savings over time. Plus you can still access the money if you need it for emergencies. This way you’re not only saving money but also preparing for any future financial problems.

READ ALSO: Canandaigua pedestrian ticketed after being struck by driver in crosswalk

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