Tax season is about to end and Americans are getting bigger refunds than before.
The IRS has sent out nearly 58 million tax returns before the April 18 deadline.
Is your refund average?
As of March 25th, almost $189 billion was issued as tax refunds. The average payment has been $3,263. That is more than $400 than the average refund in 2021 which was $2,815. Read more about it here.
Americans getting more in their tax refund means that they have overpaid during the year.
You can maximize your refund to pay off high-interest debt, increase savings accounts, or create a separate emergency savings account.
Be sure to file your taxes
There are less than two weeks left to file your tax returns by the April 18 deadline. Failure to file could leave you paying expensive penalties.
The penalties range from 5% of your unpaid taxes to 25%, depending on how late you file.
Filing a return over 60 days late will cost you $435 or 100% of the tax you owe, whichever is less.
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