Taxpayers breathe a sigh of relief as average refunds climb to 1.3 per cent more than 12 months ago

Mail Online | 10/18/2019 | Miranda Aldersley For Dailymail.com
cute16 (Posted by) Level 3
Click For Photo: https://i.dailymail.co.uk/1s/2019/03/06/15/10652474-0-image-a-59_1551886351738.jpg


Click For Video: https://videos.dailymail.co.uk/video/mol/2017/12/20/589967390660016305/1024x576_MP4_589967390660016305.mp4

The average tax refunds from 2018 have climbed again after a sharp fall at the beginning of the season, according to the latest IRS data.

On February 22, IRS statistics showed average tax refunds were up by 1.3 per cent compared to last year. Weeks before, the numbers were showing an 8 per cent decrease compared to 2017.

Tax - Filing - Season - President - Trump

The first tax filing season under President Trump's new federal tax law proved to be surprising and confusing for some Americans, who had expected to see more benefits.

Trump's tax cut boosted paychecks because the Treasury Department and IRS reduced the amount of money the government could withhold from people, but this in turn lowered the amount they would be refunded.

Statement - Treasury - Department - Website - Interest

A statement on the Treasury Department's website reads: 'We recognize there is significant interest this year in the tax filing season statistics released by the IRS.

'As we have noted, data this early in the filing season has many aberrations and isn't useful in drawing broad conclusions on refunds overall.

Factors - Refunds - Basis - Time - Lead

'There are many factors that impact refunds on a weekly basis that will normalize over time and lead to useful conclusions.'

The data shows that although the average refund has increased from 2018, fewer people have filed their tax returns and that the total amount of money given back is 3.6 percent less than in 2018.

Visits - IRS - Website - Cent - Year

Visits to the IRS website have increased by 9.1 per cent since last year - showing that vast numbers of people have been left with questions about the new tax system.

Tax refunds are a common concern, as about 80 per cent of American taxypayers expect to receive one this year.

Drop

Earlier, the sharp drop...
(Excerpt) Read more at: Mail Online
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!