#tax-refunds

#tax-refunds

Over a million taxpayers can claim over $1 billion in unclaimed refunds if they file 2021 tax returns by April 15, 2025.

The IRS will send $2.4 billion in automatic payments to taxpayers who did not claim the Recovery Rebate Credit on their 2021 returns.

The IRS is distributing $1,400 stimulus checks automatically to nearly 1 million taxpayers who missed claiming the Recovery Rebate Credit on their 2021 tax returns.

Billions in unclaimed tax refunds are available according to the IRS; many taxpayers miss out due to various reasons.

Filing taxes early can result in quicker refunds and more time to manage any potential tax liabilities.

Tax refunds can significantly aid homebuyers but should be used strategically based on individual financial circumstances.

Filing a tax return is essential to avoid severe penalties, especially if you owe taxes.

Beware of questionable tax advice on TikTok; misinformation can lead to significant penalties and refund delays.

Many Americans overpay their taxes and receive refunds, which are essentially their own money being returned.

The average tax refund for U.S. filers is nearly $3,300, with California's average slightly higher.

Taxpayers receive average $2,852 refund, often seen as splurge money, should be used to advance financial goals like debt repayment and savings.

Two-thirds of taxpayers received a refund, averaging $4,381 in 2024, with spending focused on debt repayment and savings.

HMRC is reducing late payment interest but still charges significantly more than it pays on tax refunds.

HMRC has reduced interest on overdue tax payments to 7% following the Bank of England's rate cut, but interest on refunds remains lower.

St. Louis' tax refunds for remote work reached $41 million, significantly impacting the city budget beyond projections.

St. Louis has refunded nearly $36 million in earnings taxes to remote workers, surpassing budget expectations and indicating the financial impact of remote work during the pandemic.