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.
Why Are Your Property Taxes So Darn High?
While the majority of people pay the most attention to the taxes they see regularly, i.e. income and sales tax, there are other taxes that cost you a lot of money that you may tend to forget about. One of those taxes that cost a lot, but that kind of goes unnoticed is property tax.…
IRS Is a Lot More Open to Compromise These Days
It used to be that if you owed a large debt to the IRS you didn’t have a great chance of catching a break. Even though the IRS has always been able to compromise, at least a little, the tax agency has never been really eager to do so. Some people might not even be…
Could Buying a Rental Home Really Help Pay for College?
It’s back to school and for many that means school supplies and new clothes, but what about kids who are heading off to college? Their expenses are much greater than a few new outfits, pencils, paper and glue sticks. Besides the cost of tuition, most college students have to deal with the added expenses of…
Could You Lose Health Care if You Don’t File a Tax Return?
There’s been no shortage of confusion since the Affordable Healthcare Act became a law. Likewise, there has been no shortage of discontent with the bill, either. Obamacare, as it is widely known, continues to find ways to leave people in the dark not only about their healthcare, but also about their taxes. So what’s the…