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Tax Refunds

All articles tagged with #tax refunds

Withholding tweak could boost your take-home pay, says Scott Bessent
finance1 month ago

Withholding tweak could boost your take-home pay, says Scott Bessent

Treasury-related remarks from Scott Bessent urge workers to review and adjust their tax withholding to automatically increase take-home pay on a weekly or monthly basis, leveraging the Working Families Tax Cuts. The White House notes an improving refunds season (avg refunds over $3,400) with millions claiming deductions like No Tax on Tips, No Tax on Overtime, and senior benefits. For those with extra cash, the piece recommends deploying it prudently: invest in broad-market index funds (e.g., S&P 500), use micro-investing apps like Acorns, explore real estate crowdfunding (Mogul), and park funds in high-yield cash accounts (Wealthfront) with strong APYs and FDIC protection to grow wealth over time.

via Yahoo Finance|
#finance#investing-spare-cash#take-home-pay
Oil shock could erase gains from bigger tax refunds, economists warn
economics2 months ago

Oil shock could erase gains from bigger tax refunds, economists warn

Stanford economists warn that higher oil and gasoline costs could largely offset the extra tax refunds Americans are set to receive this year. In a scenario where crude prices spike (with disruption to the Strait of Hormuz) but retreat later, U.S. households could spend about $740 more on gas this year, roughly canceling out the projected $360–$748 in additional refunds from last year’s tax changes. The result is a net drag on spending growth and inflation, with big variation by household — non-drivers and EV owners face less pain while long commuters face higher costs — making the outlook uncertain and tempering the hoped-for fiscal tailwind.

via Axios|
#economics#gasoline-prices#household-spending
Iran conflict could dampen tax-refund windfall as gas prices rise
economy2 months ago

Iran conflict could dampen tax-refund windfall as gas prices rise

Americans are receiving larger federal tax refunds this year (average about $3,742, roughly 10.6% higher than last year), which typically boosts spending. But the Iran conflict is driving up oil and gas prices, raising costs for commuting, groceries, and shipping, potentially lifting inflation and mortgage rates and limiting the discretionary boost from refunds.

via NBC News|
#consumer-spending#economy#gas-prices
Spring spark lifts used-vehicle prices ahead of peak selling season
business2 months ago

Spring spark lifts used-vehicle prices ahead of peak selling season

Cox Automotive's Manheim Used Vehicle Value Index rose 4% year over year in February to 212.3, signaling higher wholesale prices as dealers stock up for a robust spring market. Demand remains solid with higher sales conversions, aided by expected tax refunds, though the Iran conflict adds near-term risk. January's average used-vehicle listing price was $25,533, and Cox projects wholesale prices ending 2026 roughly 2% higher than December 2025.

via CNBC|
#business#cox-automotive#manheim-used-vehicle-value-index
Trump's Tax Cuts Spark Biggest Refund Boom in U.S. History
politics4 months ago

Trump's Tax Cuts Spark Biggest Refund Boom in U.S. History

The White House says President Trump’s Working Families Tax Cuts Act will trigger the largest-ever U.S. tax refund season, with average refunds rising by about $1,000 or more in 2026 and many filers seeing near $4,000 in total tax savings, backed by various outlets noting retroactive provisions and expanded refunds, including no tax on tips, overtime, or Social Security and other incentives.

via The White House (.gov)|
#irs#politics#tax-policy
November retail surge signals resilient US shoppers
business4 months 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
"Tax Day 2024: Deadlines, Deals, and Last-Minute Filing Tips"
finance2 years 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
"IRS Expands Free Tax Filing Program Nationwide: What Taxpayers Need to Know"
finance2 years 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