IRS Tax Refund Season Updates: Delays, Averages, and Tracking Tools
As the tax season unfolds, the IRS has reported a significant increase in the average tax refund, which is currently at $1,928, reflecting a 30% increase compared to the previous year. However, taxpayers are being cautioned about potential delays this season, especially during peak filing times. To avoid waiting on hold, the IRS advises using online tools to track refund statuses. Key dates and schedules for refunds have been outlined, and it is crucial for residents, including those in Washington and New Jersey, to stay informed on when they might receive their payments. The first week of the tax season saw the issuance of $6.2 billion in refunds, marking a positive start, but various factors may influence the timing of individual refunds. Taxpayers are encouraged to check their refund status frequently and file correctly to ensure timely processing.
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