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.
Seven Signs Your Noncompliance Will Be Considered Willful
Seven Signs Your Noncompliance Will Be Considered Willful There are many ways taxpayers can get the attention of the IRS. Although a lot of people make innocent mistakes when they file their tax returns, there are others who willfully look for ways to skip out on the taxes they owe. The IRS does treat those…
Make Sure Your Heirs Inherit What You Want
Make Sure Your Heirs Inherit What You Want. The saying goes that their only two things that are certain in life: death and taxes. While people can generate endless amounts of money when they’re alive, they can’t live forever and they can’t take that wealth with them when they die. However, they can have a…
Will Taxing the Rich Even More Improve Inequality?
Will Taxing the Rich Even More Improve Inequality? It’s been the cry of democratic lawmakers and many of the less fortunate for years: “We need to tax the wealthy even more.” “The rich have to pay their fair share of taxes, too.” The problem is the rich already pay a huge portion of the country’s…
It Pays to Be Rich for These Five Tax Breaks
It Pays to Be Rich for These Five Tax Breaks Although it’s true that the ultra-wealthy are heavily taxed, and in many cases unfairly, there are also some tax break advantages that favor the upper class more than those in the middle. Let’s take a look at some of these breaks. Most common and first…