Tax refunds continue to be much lower than they were at the same time last year, with only one month left in the filing season.
According to the most recent data from the Federal Revenue Service, many tax professionals anticipated this outcome. Yet, the IRS has issued more tax refunds than the previous year, and a larger proportion of processed tax returns resulted in a refund.
Standard Tax Refunds
The IRS revealed that the average tax refund was $3,028 as of March 3, down 11% from $3,401 at the same time the previous year.