It's TAX TIME, and this year it's looking good for returns! Tax refunds are 3 percent higher than last year, averaging $3,034 per return. That's good news for many who are waiting for the extra cash to pay off bills or just pop more money into their savings accounts.
The IRS receives a good chunk of tax filings early in the season. To date, they have received 40 percent of all the tax filings they expect for this year's tax season. It goes without saying that most people expecting a refund will be among those who are also filing early.
Within the first four weeks of the tax season, the IRS issued 48 million refunds, or $147 billion. About 46 percent of Americans are using their tax returns to pay off bills. Others are planning to save it or invest it.
Taxpayers looking to get their refunds early can save time by filing online and having their returns direct deposited into their accounts. The average amount of time it takes for a refund is 21 days, and some taxpayers last year received their refunds in just ten days. Refunds will take longer if filing by paper or if the tax return is more complicated.
For more details about how to get your tax refund, visit www.irs.gov/Refunds
