After economic impact payments, millions of taxpayers were expecting lower tax refunds than IRS. That prediction has come true for many Americans, and recent statistics prove it.
Getting a tax refund from IRS is a financial relief for many Americans. While you shouldn’t rely on it, there are many taxpayers who do. They expect to get this money to be able to pay off a loan, debt or buy something they really need.
This is why so many taxpayers look forward to filing theirs tax refund as soon as possible. By doing this, they can expect theirs IRS audit in about 21 days. It’s usually faster though.
WHAT IS THE AVERAGE TAX REFUND ACCORDING TO THE IRS?
From December 29, 2023 average tax refund amount was 3167 dollars. This means the average payment is lower than the previous tax refund in 2022, says the IRS.
note that the IRS said the average tax refund in 2022 was $3,252. So it was about 2.6% lower in 2023. That’s a lot of money if you’re on a tight budget. It is very similar for those taxpayers who have claimed tax refunds through direct deposit.
Some people still prefer to file their tax returns on paper and receive a paper check. However, it may take up to six months to receive it. It is therefore advisable to ask for a Direct deposit and submit electronically.
The average direct deposit was $3,145 in 2023. While the average direct deposit was 4.5% higher in 2022. In fact, the average direct deposit was $3,293 in 2022. The number of senders dropped to 162,037 000 while it was 165,774,000 in 2022 claims that IRS.
2024 KEY DATES FOR THE NEW SUBMISSION SEASON
The Tax collection office announced this January 12 will be the day when IRS A free file opens. Basically, this is the way to pay your taxes for free. Just in case you are new to the tax world in the United States.
Remember that in addition to being easy and cost-free, this is a safe way to file your tax return. If you prefer to get rid of this burden, leave it to a professional and official tax professional IRS recommends.
The next important date for taxpayers will be January 16. In fact, this will be the due date for estimated tax payments for the 4th quarter of 2023. January 26 is Earned Income Tax Credit Awareness Day.
The new filing season begins on January 29 and ends April 15, 2024. If you live in Massachusetts and Maine, your deadline is April 17. The deadline for those granted an extension will be October 15, he said IRS.