The Average Tax Refund Is $3,263, What Will You Do With Yours?
It's D-Day for Taxes. Maybe T-day is more appropriate. Either way, today is the day your federal income taxes are due.
Tax Collections Set Record
Quick Question - De we have a tax revenue problem or a spending problem? This may help:
The federal government collected a record $1,516,952,000,000 in total taxes through the first four months of fiscal 2022 (October through January), The record in federal tax collections included $824,571,000,000 in individual income taxes; $469,468,000,000 in social insurance and retirement taxes; $112,248,000,000 in corporation income taxes; $32,359,000,000 in customs duties; $25,800,000,000 in excise taxes; $8,951,000,000 in estate and gift taxes; and $43,554,000,000 in what the Treasury statement calls “miscellaneous receipts.
That's a lot of loot! But of course, many people get tax refunds, The IRS has issued nearly 58 million refunds, which are worth almost $189 billion in total, as of March 25, and tax refunds are a critical part of many family budgets.
How Does Your Tax Refund Compare
Through March 25, the average refund has been $3,263, which is $448 bigger than last year’s $2,815.
According to a LendingTree survey, 46% of Americans plan to save their payments, up from 41% in 2021.
Of those planning to spend their refunds, the majority of them are looking to tackle some home improvements.
The team at Angi, formerly Angie’s List , surveyed 1,000 homeowners to figure out what types of home projects they plan to do with their tax return money.
If You Build It They Will .. Stay Home?
- 50.5% of homeowners plan to spend over 50% of their tax return on home projects.
- 64.5% of respondents could not have afforded their project without their tax return.
- Women are more likely to stay on budget & men are more likely to increase their home project budget once they know how much money they will get from their return.
- Bathroom remodels, new flooring, and kitchen renovations are the top projects homeowners plan to complete with their tax return dollars.
- Nearly 35% of respondents did their home project to get more enjoyment out of their home, not thinking about resale value.
For those not looking to stay home but hoping to improve their chances of a sale, these tips might help. Good Luck!
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