Taxes are something no one is fond of. However, some people can look forward to a tax refund at the bottom line. The amount you can expect completely depends upon your annual income and also your qualifications for which tax credits and deductions. However, an average calculation can help one assume the refund they might receive. Following are the refunds so far for the tax season of 2022.
Tax Refund Are Comparatively Lower Than The Previous Year
The available statistics from the IRS till 24th February 2023 show that a population of almost 46 million in America had issued their taxes. That is more than the returns that had been filed the previous year. However, the average tax refunds are lower in comparison. The approx tax refund for the current year to date is $3079 which is lower than 11% from the previous year where the taxpayers had received a tax refund of $3473 from the govt.
Trying to pinpoint the causes of lower tax refunds is futile and simply with time one will know if they would go up over the weeks that are remaining. However, steps can be taken to make the most out of what can be received.
Steps To Be Followed To Boost The Tax Refund
Choosing the correct filing status can be one of the steps. If you are an adult who is single without any dependents, then making a choice with the status of tax filing is quite straightforward. However, it can appear a little complex for other tax filers. Wedded pairs will have to make a choice if they would want to file their taxes jointly or separately. The joint manner generally opts but sometimes cases occur where it is better to file separately.
