Tax Day is almost here and most of us either love it or hate it depending on whether or not we get a refund. Did you know Americans will receive an average tax refund of $3,000? Here are a few more interesting facts on refunds and Tax Day.
Average refund is about $3,000
Like we said before, the average refund on Tax Day is about $3,000. Interestingly enough, the average refund has been dropping consistently since 2014. Yikes!? You can expect to see your tax refund in three weeks or less if you e-file, but three-to-four weeks at the most.
It’s gotten less expensive to file taxes over the years
Thanks to online software programs such as TurboTax, H&R Block, and Credit Karma, it’s easier than ever to file federal and state taxes! While filing taxes has been a major headache in the past, you can now file in a matter of hours. However, the majority of Americans still reach out to tax professionals for expert help.
Remember your federal write-offs
Want to maximize that federal refund? Remember your federal write-offs! Although purchasing a home is a serious investment, the mortgage interest is a huge write-off on taxable income. Plus, there are also tax credits for sustainable investments and energy efficient updates. Check out our article on the tax benefits of home ownership.
Most Americans will use their refund to pay off debt
What would you do with the average refund of $3,000? There are so many potential activities, right!? Actually, according to Bankrate, 30 percent of Americans plan to pay off debt with their refund on Tax Day. But if you want to have a little more fun with your refund, check out these 11 fun ways to spend your tax refund.