Tax Refunds on the Rise: Americans Anticipate Higher Returns as Deadline Nears
6% Ahead Tax Refund Boost from Last Year as Deadline Nears. (PHOTO: AOL.com)
Tax Refunds Show Increase as Tax Day Nears, Despite Delayed Start
According to Yahoo! Finance, as the tax deadline approaches, Americans are seeing a rise in their tax refunds with the average taxpayer receiving $3,081 marking a 6% increase compared to the same period last year. However, the total amount refunded approximately $170 billion is lower than in 2023 due to the delayed start of this year’s filing season. The IRS received nearly 80.5 million returns in the last week of March indicating a significant volume of filings though it’s anticipated to surge further in the week leading up to April 15th. Many taxpayers are eagerly checking the IRS website for updates on their refunds particularly utilizing the “Where’s My Refund?” tool.
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Southern Americans Procrastinate on Tax Returns, Stress and Complexity Cited
A recent study by the Chamber of Commerce reveals that Americans in the South, particularly in cities like Atlanta, Orlando, Salt Lake City, Fort Lauderdale, and Miami, are waiting until the last minute to file their tax returns. Over half of surveyed taxpayers cite complications and stress as the main reasons for late filing, followed by a natural tendency to procrastinate and concerns about the time-consuming nature of the filing. Collin Czarnecki, a researcher with the Chamber of Commerce advises against procrastination, emphasizing the importance of a head start to avoid errors that could impact tax refund amounts.
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