Make Money
Average Tax Refund Falls Sharply in 2023
The total amount of money flowing into American wallets from federal tax refunds is down sharply in 2023, according to the latest figures from the IRS.
So far in 2023, federal tax refunds amount to about $183 billion, a 10.4% decrease from the $204 billion refunded at the same point last year.
The size of the average refund also is shrinking. It stands at $2,910, down 9.8% from the average refund of $3,226 at this point in 2022.
In truth, none of this should be a surprise. The IRS itself warned earlier in the year that refunds likely would be smaller this tax season.
Many of the factors shrinking refunds are related to the nation’s emergence from the COVID-19 pandemic, as we explained in our story “5 Reasons Your Tax Refund Might Be Smaller This Year.”
Nearly 63 million Americans have gotten refunds so far in 2023, a slight decrease from the same time period a year ago, according to the IRS.
For its latest update, the agency compared data from two points in time — April 1, 2022, and March 31 of this year — and found that the number of refunds is down 0.7% year over year, from about 63.4 million at this point in 2022 to 62.9 million this year.
Regardless of the size of your tax refund, there is a lot you can do to use the money to improve your life. For tips, on what you should and should not do with your refund, check out:
Read the full article here
-
Side Hustles5 days ago
How to Build an Inclusive Website or App with Accessibility Testing
-
Side Hustles6 days ago
How to Create a Positive Work Environment As a Leader
-
Investing3 days ago
How to Build a Landing Page That Converts Visitors Into Customers
-
Side Hustles1 day ago
How to Create a Customer-Centric Culture For Your Entire Team
-
Passive Income1 day ago
Who Is Susie Wiles? Meet Donald Trump’s New Chief of Staff
-
Side Hustles5 days ago
NFL Running Back Latavius Murray Has a Game Plan for His Community
-
Passive Income6 days ago
Get AI-Powered Flight Deals Delivered to Your Inbox
-
Side Hustles6 days ago
MS Project 2024 — Your Project Partner for Life