Tax Refund Averages

Tax Refund Averages

Although the season of taxes has passed, it is always very interesting to hear about the figures and averages in relation to tax time. According to the Internal Revenue Service, for those who received a refund this year that refund averaged to about $3,000 per person.

With about 52 million Americans who filed their taxes, over 45 million of them collected some sort of a refund, according to the Internal Revenue service. Specifically, the average refund was $3,129, and those who received their refunds through direct deposit got about $3,257.

Robert Willens who is a tax professor at the Columbia Business School stated that many people will have a lot of their taxes withheld and then plan ahead for their large refund with plans to use it for things like purchasing a car or going on vacation. At the same time he claims that this is not a good thing to do economically because it is like an interest free loan to the government.

Those who filed taxes online this year was also up by 2 percent versus those who did so last year. About 28 million people have a professional prepare their taxes. The numbers of those who did their own taxes has also increased, likely because everyone is trying to save money. Specifically, the number jumped 6 percent versus the previous year when 19 million filed their own taxes.

Although these statistics do not talk about how many people owed money to the Internal Revenue Service, there are plenty of those individuals out there as well. While the average refund was around $3,000, many people owed that much or thousands more in tax debt when it came to tax time. If you owe the IRS money, you should contact a legal professional. They can sit down with you and go over all your options in how you can get rid of your debt.

By | 2017-12-13T01:45:45+00:00 October 3rd, 2012|Debt and Tax Relief, Tax - Debt Garnishments|Comments Off on Tax Refund Averages