IRS Has Handed Out More Than $100 Billion in Refunds so far
As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported that it had issued $125 billion and processed nearly 40 million tax returns. The average refund was reportedly $3,120.
Compared to last year, the IRs is only about .1 percent behind in the number of returns it has processed. As for refunds compared to the same time last year, the IRS has issued 1.1 percent fewer than in 2014. The average amount is up by $4, which individually isn’t much, but it’s a good sign for the country as a whole. The IRS says that so far about four out of every five returns has received a refund this year.
On the downside, that trend is not likely to continue, given that most of the early filers are typically expecting a refund. Those who expect to owe money often wait as long as they can before sending in their return. Overall, the nation’s top tax agency expects to process more than 150 million income tax returns before the tax season officially ends on April 15.
Still haven’t filed your return? It’s not too late. Contact GROCO today for help at 1-877-CPA-2006, or by clicking here.
News letter
News letter Keeping abreast of the latest tax and wealth building tips is a time-consuming process for the successful individual. That’s why the GROCO Weekly delivers content directly to your inbox, saving you the trouble of scouring the net yourself. It is an electronic magazine (ezine) that features wealth-building tips and tax articles from some of…
Make Your Children Investors While They’re Young
Make Your Children Investors While They’re Young As an investor, you’re likely to have learned any number of valuable lessons over the years. Some came from observation, some from experience. Why not share some of your life lessons with your children, helping them become knowledgeable investors at an early age? Here are four ideas with…
Plan Now to Get Full Benefit of Saver’s Credit
Plan Now to Get Full Benefit of Saver’s Credit Plan Now to Get Full Benefit of Saver’s Credit, Tax Break Helps Low- and Moderate-Income Workers Save for Retirement Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2007 and the years ahead, according to the…
Succession Planning for Business Owners
Succession Planning for Business Owners “How can I arrange for the transfer of my business when I retire and yet be able to keep peace in the family?” That’s a common question asked by owners of successful businesses when the time comes to turn over the reins to the next generation. And, although there are…