Nearly 58 Million in Tax Refunds: Average Payment of $3,263

Tax time comes around every year. It’s not something that can be escaped! That is why it is important to make sure that you file your taxes. A lot of people don’t want to just because it takes effort, can be confusing, and can be time-consuming. However, it’s important to know that you’re not alone if you hold off on doing your taxes. That’s because roughly one third of Americans wait as long as possible.

What’s surprising about this is that the main reason that people hold off on filing for Tax Day in 2022 is because they think they won’t get a refund. If they aren’t expecting a refund then they don’t feel the time crunch to file. However other common reasons for people holding on filing include being stressed, and wanting to make sure they file their taxes correctly.

Regardless of the reason, it is important to make sure you file your taxes on time and correctly. That’s because as of March 25th, 2022 there have been nearly 58 million tax refunds that have been issued. The best part? The average payment for these refunds was $3,263. What’s shocking is that the average payment amount is roughly $448 more than the average refund check for the 2021 filing season. Since refunds can be worth thousands of dollars, we want to take a deeper look at what it means to handle your taxes!

Tax Support Tips

Taxes can be stressful but they are a necessary part of life. That is why it is important to make sure that you handle your taxes correctly. There are some tips that you can follow that can help you make the tax process easier to handle. Even though for the 2022 filing season the official deadline was on April 18th, those that filed for an extension have extra time to sort their taxes out! If you filed for an extension you have until October 15th, 2022. If you haven’t filed your taxes yet, you will want to make sure you get your extension in as soon as possible! Some tax support tips to keep in mind include:

  • Get Help from a Tax Professional
  • Take Advantage of Internal Revenue Service (IRS) Tax Programs
  • Use Tax Debt Relief Support

Get Help from a Tax Professional

The best piece of advice that we can give is to get in touch with a tax professional. Tax professionals are people that have the expertise and knowledge to provide accurate tax advice. They can look at your specific situation and help you handle the tax filing process for your state and at the federal level. You can get in touch with a professional at agencies like H&R Block, TurboTax, and more.

Take Advantage of Internal Revenue Service (IRS) Tax Programs

The IRS understands that some people may need more help than others. That is why they offer programs like:

  • Volunteer Income Tax Assistance (VITA)
  • Tax Counseling for the Elderly (TCE)

Volunteer Income Tax Assistance (VITA)

VITA is an assistance opportunity that’s been helping people for over 50 years. This program can provide free tax help to those that qualify like people who:

  • Typically make $58,000 a year at most
  • Have disabilities
  • Are taxpayers that speak limited English

Even though this program is managed by the IRS, the VITA sites are instead operated by IRS partners. These sites are staffed by volunteers who can give tax counseling support. Volunteers are IRS-certified and are often people that have a history with non-profit organizations that get grants from the IRS. The services provided by this opportunity are reliable and can be a trusted source for people getting their tax returns together.

Tax Counseling for the Elderly (TCE)

Taxpayers that are at least 60 years old can benefit from this tax support opportunity. The support that this program provides can specifically help for senior-related issues like retirement, pension, etc.

Even though this program is managed by the IRS, the TCE sites are instead operated by IRS partners. These sites are staffed by volunteers who can give tax counseling support. Volunteers are IRS-certified and are often people that have a history with non-profit organizations that get grants from the IRS. The services provided by this opportunity are reliable and can be a trusted source for people getting their tax returns together.

Use Tax Debt Relief Support

The IRS provides a variety of different support opportunities for taxpayers. Besides TCE and VITA, the IRS also offered the Fresh Start program. This program is an umbrella term that describes these different relief opportunities that the IRS offers:

The goal of these different opportunities is to help taxpayers get in good standing through debt relief. These options can help people handle their tax debt without having to deal with penalties like:

  • Liens
  • Levies
  • Wage Garnishments
  • Jail Time

Each program can provide support in its own way which is why it is important to compare your options! You can also reach out to professionals to see which assistance opportunity would be the right choice for your situation.

Commonly Asked Questions

When it comes to understanding your taxes, it can be confusing. Especially if you are not used to being responsible with this part of life. Other people have had questions that you may have too after reading this article!

What are Tax Refunds?

When people are due tax refunds, that means they can see returns of thousands of dollars. But where does this money come from? What even is a tax return? Well oftentimes a tax return comes from times where people pay more income tax than they needed to. The state or federal government will return the extra money that was paid to them.

Who Can Get a Tax Refund of $3,263?

When we talk about the average tax refund of $3,263, we aren’t talking about a specific opportunity for checks. Instead, we are saying that out of all the tax refund checks that have been distributed, the average check was $3,263.

Previous articleUnderstanding Unemployment Assistance
Next articleMother’s Day Support Options: Benefits, Grants, and Programs