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. The average refund check so far this year is worth $1,395 as of Feb. 2, about 29% lower compared to the $1,963 average recorded last year. That is based on nearly 2.6 million tax refunds collectively worth about $3.65 billion.
For anybody whose income did not outpace inflation, they should do better," Mark Steber, chief tax information officer at Jackson Hewitt, told FOX Business. "It's not even voodoo or marketing spin, it's pretty much just science." The bigger refunds are a silver lining of the inflation crisis that ravaged millions of households' finances last year. That's because the IRS annually adjusts the federal income tax bracket and standard deduction.
However, the tax collection agency warned some returns may require "additional review" and take longer to process if their systems identify any errors, if there are mistakes on the return or if it suspects theft or fraud. "Once you're relatively certain that you have all of your tax documents, file as soon as you can so that you can start investing your money," Eric Bronnenkant, head of tax at online financial adviser Betterment, previously told FOX Business.
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