Currently, the average tax refund amount sees an 8% increase from last year’s average in mid-April 2021. The IRS is expecting more than 160 million individual tax returns this year.
Tax Day came and went earlier this week, so if your upcoming weekend plans are just chilling after the last-minute tax time bustle, you might have company.
Average tax-refund payouts continue to trend higher than last year, when the filing season stretched through May 17. Currently, the average refund amount is $3,103, an 8% increase from $2,873 average last year in mid-April 2021. But Friday’s numbers start showing the 2022 specifics on the ending rush that occurs every tax season.
For some context, every single one of New York City’s 8.8 million residents could file taxes twice, and that would still be shy of the 19.2 million tax return tally. Business and individuals spent an average 13 hours compiling paperwork and completing forms, the IRS estimated. When paying others to prepare their taxes, whether hiring a professional or using software, the IRS says taxpayers spent an average $240, though non-business returns alone could cost $160 for preparation. That’s in spite of the free tax preparation services that are available.The latest filing statistics are a near-end snapshot of a challenging tax season.
The IRS urged taxpayers to file their tax returns electronically instead of paper to avoid getting bogged down in the backlog. Many people went the e-file route, numbers show.
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