Tax refunds are much smaller so far this year, IRS says
Tax refunds so far this year are noticeably smaller than they were at the same time last year, according to early data published by the IRS.
Stay updated with breaking news from Mark Steber. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Tax refunds so far this year are noticeably smaller than they were at the same time last year, according to early data published by the IRS.
Many people refer to the day their refund comes through as the 'biggest payday of the year.' But some experts warn that overpaying taxes means you are missing out on funds during the year.
Early data published by the IRS indicates the average tax refund is worth about $1,395 so far this year, a sharp drop from the 2023 filing season.
Generation X, the demographic born between 1965 and 1980, may have the most to lose from poor tax planning and practices. "The Gen Xers ... they're the most directly aligned to needing to understand...
If you haven't filed your taxes yet, here's why you may want to hold off if you're claiming the child tax credit this year.