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Tax Refunds

All articles tagged with #tax refunds

business18 hours ago

November retail surge signals resilient US shoppers

US retail sales rose 0.6% in November, beating economists’ expectations after October’s revised pullback, with gains broad across categories (specialty stores +1.9%, gas stations +1.4%, home improvement +1.3%). The core 'control group' increased 0.4%. After adjusting for inflation, sales were up 0.3% from September to November, underscoring consumer resilience into the holiday season and into 2026 as tax refunds and policy shifts are expected to support spending despite a softer labor market.

via CNN|
#business#consumer-spending#economy
finance1 year ago

"Tax Day 2024: Deadlines, Deals, and Last-Minute Filing Tips"

Today is Tax Day, the last day for most taxpayers to file a 2023 return or request an extension. The IRS has received over 100 million returns and processed just over 100 million, with an average refund of $3,011. Post offices no longer stay open late on April 15 due to the majority of taxpayers filing electronically. Taxpayers in Maine and Massachusetts have until April 17 to file and pay taxes due this year. The IRS estimates 19 million taxpayers will file for an automatic extension, giving them until October 15 to file their taxes.

via USA TODAY|
#finance#irs#tax-brackets
finance1 year ago

"IRS Expands Free Tax Filing Program Nationwide: What Taxpayers Need to Know"

The IRS reports a 9.7% increase in the use of its Free File guided tax software for the 2024 filing season, with 943,000 taxpayers submitting returns through the program. Refunds totaling $92.9 billion have been sent out, with an average payment of $3,213. The agency is also launching a pilot scheme called Direct File, providing a free tax payment system for eligible American workers. Additionally, the IRS is cracking down on high-earners who have failed to file tax returns, identifying 125,000 suspected cases of non-compliance among those earning over $400,000 annually.

via Newsweek|
#finance#free-file#irs
finance1 year ago

"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.

via Fox Business|
#debt#finance#inflation
economics1 year ago

"US January Deficit Shrinks as Receipts Rise and Tax Refunds Decline"

The US federal budget deficit for January dropped to $22 billion as receipts reached a record high, partly due to a decrease in tax refunds after the IRS cleared a backlog of pandemic-delayed returns. The deficit was 43% lower than in January 2023, with outlays growing by 3% to $499 billion and receipts jumping by 7% to $477 billion. The deficit for the first four months of the fiscal year increased by 16% to $532 billion, driven by rising costs for servicing the national debt, Social Security, Medicare, and military programs. Interest costs on the public debt grew by 35% due to higher interest rates and debt levels, while Medicare and Social Security costs also rose.

via Reuters|
#deficit#economics#irs
taxes1 year ago

"Tax Overhaul: How Millions Could Get Bigger Refunds Under Bipartisan Bill"

A proposed overhaul of the Trump-era tax law could potentially double the state and local tax (SALT) deduction cap to $20,000 for married couples, resulting in bigger tax refunds for millions of Americans. The change, retroactive for the 2023 tax year, aims to address concerns about the $10,000 cap disproportionately affecting middle-class homeowners in high-tax states. The proposed law, called the SALT Marriage Penalty Elimination Act, is expected to be voted on in the House next week and would apply to joint returns for couples with adjusted gross income below $500,000 in 2023.

via CBS News|
#salt-deduction#tax-filing#tax-law
economy2 years ago

"700K Michigan Households to Receive $550 Tax Credit Checks in 2024: What You Need to Know"

More than 700,000 households in Michigan will receive an average of $550 in tax credit checks starting in February 2024 as part of $1 billion in tax cuts signed into law earlier this year. The checks are a result of the expansion of the Working Families Tax Credit, which was quintupled to 30% of the federal Earned Income Tax Credit. Eligible residents who qualify for the credit should apply this year and will receive the additional tax credit check from their 2022 tax return. The Department of Treasury will automatically process the checks, which will be mailed on a rolling basis.

via WDIV ClickOnDetroit|
#economy#governor-gretchen-whitmer#michigan
economy2 years ago

Michigan Governor Announces Early Refund Checks for 700,000 Households

Governor Gretchen Whitmer of Michigan announced that approximately 700,000 households in the state will receive refund checks averaging $550 early next year. The checks are part of an overhaul of Michigan's tax policies, which increased the Earned Income Tax Credit (EITC) for low- and moderate-wage workers. The checks will be the difference between the 6% tax credit received on their tax return and the 30% owed under the new law. Eligible residents do not need to submit additional paperwork, and the checks will be automatically processed and mailed on a rolling basis.

via Detroit News|
#earned-income-tax-credit#economy#governor-gretchen-whitmer
politics2 years ago

Colorado Voters Reject Proposition HH, Leaving Tough Options Ahead

Colorado voters rejected Proposition HH, a measure that would have lowered property tax bills for homeowners in exchange for decreasing a state-specific tax refund. The measure aimed to prevent property tax bill increases and provide relief to seniors and working families. However, opponents argued that it could ultimately cost taxpayers more than they save on property taxes. The measure would have also resulted in smaller taxpayer refunds for renters without providing direct relief. Voters did approve another tax measure that allows more funds from a tobacco tax to be allocated to the state's universal preschool program.

via PBS NewsHour|
#colorado#politics#property-tax
finance2 years ago

IRS holds $1.5 billion in unclaimed tax refunds, deadline approaching.

The IRS is trying to locate 1.5 million people who are owed $1.4 billion in unclaimed tax refunds from income tax year 2019. The deadline to submit a tax return and claim the refund is July 17, 2023. Filing after the April deadline usually incurs penalties, but the IRS extended the deadline for 2019 income taxes due to the pandemic. The average median refund for tax year 2019 was $893.

via KABC-TV|
#deadline#finance#irs
business2 years ago

Dollar stores struggle as cautious consumers slow spending.

Dollar General's earnings have been hurt as its budget-conscious shoppers pull back on discretionary purchases due to smaller tax refunds and inflation. The retailer has cut its outlook for same-store sales for all of 2023 and expects earnings for the year to be flat or down up to 8% over last year. Despite attracting more high-earning customers, Dollar General's typical consumer "is under greater pressure than we have seen in quite some time," according to CEO Jeffrey Owen. The chain is reducing the number of Popshelf stores it plans to open this year to 230, down from 300, and is expanding into new areas, including banking services and basic medical care.

via Business Insider|
#business#consumer-spending#dollar-general