The federal government of the United States of America provided three national stimulus checks to eligible citizens. However, despite the mounting financial crisis owing to inflation and rising prices of basic items, no additional relief payments were offered. Several US states came forward to help their residents by providing tax rebates and stimulus checks.
The tax season has already arrived in the US and the IRS has been managing the previous tax filings to manage the US economy in a better way.
IRS Informs Taxation On Stimulus Check
The agency opened its tax filings on 23rd January 2023 for Americans to file their taxes. They have mentioned that they received about 19 million tax filings till 3rd February. In addition, the IRS informed us they had issued almost 8 million refunds, as mentioned in their latest data.
According to this report, the agency has provided a $1,963 stimulus check to US citizens which is considered to be 11% less in comparison to last year. During 2022, the average refund check given by the IRS was almost $2,200 to each tax filer.
Average Tax Refund For Americans
Many experts have called this tax refund to be a “shock” and believe that this is due to the pandemic benefits related to tax credits that have expired. The Tax Credit for Children along with general stimulus checks from US central government had ended leading to lesser refunds on filing.
Moreover, this inflation is the worst in the last 40 years that is making it difficult for Americans to purchase essential products including medicines, gas, and food. Most citizens are depending on their savings to keep themselves and their families afloat during this economic instability.
On the positive side, the IRS is hiring 5,000 additional customer service employees to help Americans with tax filing issues.
