"Maximizing Tax Refunds: Strategies for 2024 and Beyond"

A recent study by Assurance IQ found that 72% of American taxpayers expecting a refund this year plan to spend it, with 36% intending to pay off debt and 30% to catch up on bills. Only 42% plan to put some of the refund into savings, while 29% are considering using it to pay for insurance due to rising premiums. Lower-income households hit hard by inflation may use the refund to catch up on debt or cover critical expenses. Additionally, 23% plan to spend it on something "fun," 19% to invest it, and 3% to donate it.