The Average Tax Refund is Larger This Year
With all of the tax law changes we've been waiting to see how that impacts refunds this year, and out of the 53 million refunds issued so far, the IRS says the average refund is a few dollars higher than last year. What people are spending refunds on may surprise you.
H&R Block asked people what they're spending tax refunds on, and the answers ranged from motorcycle tires to a party, a lawn mower, and pizza. Some refunds are bigger than others.
The average tax refund this year is $3008, according to the IRS. As of mid-March they had processed over 53 million tax returns, and USA Today said refunds are four dollars higher than last year, on average.
Another 90 million tax returns are expected to roll in by the time the tax season ends next Monday, April 15th. Aren't you glad you don't have to deal with 90 million notifications and alerts this week? Me too. IRS employees' phones must be whistling and vibrating all the time.
Besides saving, paying down debt, and going on vacation, we're finding interesting ways to spend refunded money. TheLadders.com listed some of the most unique ways the tax refund money is going right back into the economy, and here are a few.
Trip to casino
I'm sure we can work in some Guru Donuts, or a burger the Boise Fry Company too.
Hopefully, you're also getting an Idaho tax refund to pile on top of that federal refund. You can check your refund status for your state tax return at tax.idaho.gov.
This time next week tax season will officially be over and out accountant friends will finally have time to text us back again. We made it. Now back to work so we can pay more taxes.