Tax Refunds Surge 7.5% Amidst Tax Season Stress
1min read Tax season is in full swing, and with it comes a phenomenon known as the "tax scaries" - a term coined to describe the anxiety and stress that many Americans face during this time. According to a survey conducted by the National Endowment for Financial Education, one in three Americans cries during tax season. This stress is often caused by the fear of making mistakes on tax returns, the complexity of the tax code, and the uncertainty of how much money will be refunded or owed.
However, there is some good news on the horizon. The Internal Revenue Service (IRS) has reported that the average tax refund is expected to increase by 7.5% this year. This is welcome news for many Americans who are struggling with financial issues. The increase in refunds is due to changes in the tax code, including the expansion of the child tax credit and the increase in the standard deduction.
The irs has processed over 100 million tax returns so far this year, and the average refund has been around $3,000. This is an increase of about $200 from last year. The IRS expects to process over 150 million tax returns in total this year, with the majority of them being filed electronically.
While the increase in refunds is good news, it is important to remember that tax season can still be a stressful time. It is important to take the time to understand the tax code and to seek help if needed. There are many resources available to help Americans navigate the tax system, including the IRS website and free tax preparation services.
In conclusion, while tax season can be a stressful time for many Americans, there is some good news on the horizon. The average tax refund is expected to increase by 7.5% this year, providing some much-needed relief for many Americans. However, it is important to remember that tax season can still be a challenging time, and it is important to take the time to understand the tax code and to seek help if needed.
