See how much the IRS is sending for the average 2024 tax refund | CBS News

See how much the IRS is sending for the average 2024 tax refund | CBS News

See how much the IRS is sending for the average 2024 tax refund | CBS News

Hey there, high school and college students! Let’s talk about something that might not be on your radar yet, but it’s super important – tax refunds. This year, there’s some good news for many Americans who have been feeling the pinch of inflation. The IRS is sending out tax refunds that are, on average, bigger than last year. So, what’s the deal with these refunds, and why should you care? Let’s break it down.

As of February 23, the average tax refund stands at $3,213, which is a 4% increase from last year. This boost is a welcome change from last year when refunds were smaller due to the expiration of pandemic benefits. Remember, in 2023, the typical refund was 11% lower than in 2022. Ouch!

So why the increase this year? It’s all thanks to the IRS adjusting many tax provisions for inflation. The standard deduction and tax brackets for the 2023 tax year (the taxes you’re filing now) were set 7% higher. This means that workers whose pay didn’t keep up with last year’s high inflation could see bigger refunds – some might even get up to 10% more!

But how do Americans use these refunds? A study from Bankrate found that about two-thirds of U.S. adults expect a tax refund, which often represents the biggest annual influx of cash for households. Instead of splurging, many plan to use this money to pay down debt or boost their savings. Smart move!

Even with this year’s higher average refund, it’s still less than what people received two years ago, when pandemic-era benefits like the expanded child tax credit were in play. However, refunds are still higher than they were from 2018 to 2021.

Tax refunds also play a big role in the economy. Many people use their refunds to make significant purchases like cars or home renovations, which can give a nice boost to certain sectors like general merchandise stores and used-car dealerships.

Remember, it’s still early in the tax season, and things could change as we approach the April 15 filing deadline. So, keep an eye on those refunds!…………full-loaf-600x400-1-e1700879832480 See how much the IRS is sending for the average 2024 tax refund | CBS News[read more]

Rising Dough

Rising-Dough-e1700879911412 See how much the IRS is sending for the average 2024 tax refund | CBS NewsConsidering the impact of tax refunds on consumer spending and the economy, how might changes in tax policies and inflation rates influence individuals’ and families’ financial decisions and purchasing power?

*Click on the “Full Loaf” icon to read the full article! After you read the full article, let us know your thoughts.

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stonestreetcoffee.com ☕️ **Discover Stone Street Coffee Company - Your Coffee Haven!** Today's Dough readers, if you're on the hunt for exceptional coffee and cold brew, look no further than Stone Street Coffee Company. We at Today's Dough are smitten with their rich coffee blends and refreshing Cold Brew. Stone Street's commitment to quality shines through in every sip. Now, exclusively for our readers, click the banner above to snag a $5 off coupon on your next order. Experience the finest, ethically sourced beans roasted to perfection. Join the Stone Street community, savor top-notch coffee, and elevate your daily brew. ☕️🌟

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