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.
Building an Estate Planning Team
Building an Estate Planning Team To create an estate plan that serves your unique needs and that will execute your wishes as to the distribution of your assets is an important and, often, a complex task. Such professionals usually have honed their skills in their own specific fields. Sound estate planning is built upon a…
Investors: A Growing Taste For Exotic Fare
Investors: A Growing Taste For Exotic Fare Even conservative investors are tempted by the returns of emerging-market funds For many managers of emerging-market funds, the biggest problem these days is that folks just love them too much. It used to be that buying stocks in Turkey and picking up distressed debt in Argentina was for…
When it Comes to Payroll Taxes, Don’t Mess With the IRS
When it Comes to Payroll Taxes, Don’t Mess With the IRS It’s payday! Everybody loves payday, except for the company making all those payments. It’s not that companies don’t want to pay their employees; rather it’s the high cost of payroll taxes that comes with having those employees. However, that’s the law, so if your…
Ten Facts about Capital Gains and Losses
Ten Facts about Capital Gains and Losses Source: IRS.gov The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10 facts from the IRS on capital gains and losses: Almost everything…