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Bigger Refunds Expected: IRS Data Shows Increase
Changes to Tax Brackets and Deductions Aimed at Combating Inflation
According to First Coast News, tax season is here in the United States and early data from the Internal Revenue Service (IRS) shows that people might get a refund grew this year than before. Over 34 million returns have been processed already and the average refund grew this year is $3,207 as of February 16. That’s 2.1% more than last year. The IRS made changes to help with inflation like raising tax brackets and standard deductions by 7% for 2023 taxes.
Why Your Refund Grew This Year – A Comprehensive Guide! (PHOTO: CNBC)
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IRS Readies for Robust Tax Season Amidst Later Start
Despite starting later this year the IRS reports smooth operations with over 128.7 million tax returns expected. Refund grew this year funds are anticipated within 21 days. Congress aims to boost the Child Tax Credit to $1,800 aiding 16 million low-income children. The IRS simplifies tax filing through walk-in centers, reduced paperwork, and online accounts. Filing directly with the IRS online will be an option. It’s crucial to file taxes on time with the IRS ready to adjust any changes to the Child Tax Credit for early filers.
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