2% Tax Refunds Increase
25% Fewer Taxpayers Submit Returns
According to Finance Yahoo, in the past two weeks people have been getting smaller tax refunds than last year. The latest info from the IRS is giving good news of 2% tax refunds bigger than last year. On February 16, the average refund was $3,207 up from $3,140 last year. However, there’s a problem 25% fewer people are filing returns. Last year almost 28 million refunds were given but this year it’s only about 21 million.
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IRS Expects Changes in Average Refunds Processing Delays and Natural Disasters
Even though fewer returns are processed the 2% tax refunds increase is still on. The IRS thinks this number might change as more returns especially those with the earned income tax credit (EITC) are looked at in the next few weeks. Refunds with the EITC and the additional child tax credit (ACTC) are delayed until mid-February because of the law. Also, storms and natural disasters have hit some areas making fewer people file returns. For these areas like San Diego, Connecticut, Rhode Island, Maine, West Virginia, and Michigan, the IRS is giving more time to file taxes until June 17.