'Refunds are predicted to go down 11% from last year,” said Curtis Campbell, president and CEO of TaxAct, said in a press release. “And it's important for people to be prepared to receive less or even owe money this tax season.'
Tax refunds are likely a big letdown this season for a good chunk of Americans, who expected and needed more at a time when their finances are shakier.
"Refunds are predicted to go down 11% from last year,” said Curtis Campbell, president and CEO of TaxAct, said in a press release. “And it's important for people to be prepared to receive less or even owe money this tax season."Tax experts have been warning about refund shrinkage this year due to the federal government ending pandemic relief and credits., the latest stats from the Internal Revenue Service show. And the decline has been consistent since the start of the tax season.
"Somewhere around a quarter of consumers are actually going to save their tax refunds," Manderfield said. "Another roughly 20% are going to use it to pay household bills, and another 20% were actually going to pay off debt."So, those smaller refunds mean bigger money woes, especially as inflation, in particular, remains a stubborn financial obstacle for everyone.
Inflation ranked as the top financial concern for most Americans in 2023, according to the TaxAct survey. And a big part of that is because wage growth remains behind for most.
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