Tax return not a big as you had hoped? You’re not alone with that thought.
I’m just impressed with myself as I did them MYSELF last night on Turbotax! That was seriously so easy…took all of 30 minutes.
As of March 29, total individual tax refunds are down $6B compared to this time a year ago, according to the IRS.
CBS News reports that on average, individual returns are only $20 less than last year; however, that small amount is adding up to big problems elsewhere. Retail sales are down.
The smaller returns don’t necessarily mean workers paid more in taxes. It means they took more home each week in their paycheck. However, that doesn’t have the same ring of the cash register for buyers and sellers as one big $3,000 check at the beginning of the year.
How much did your tax return shrink? If you have to pay in, can you afford to write that check?