U.S. Tax Refunds Will Add $300 Billion To Economy

In news that’s sure to boost the U.S. economy this year, the IRS said they expect to issue nearly $300 billion in tax refunds this year, for last years tax year.  The IRS said the average federal U.S. tax refund will be $3,000.  That’s good news for cash strapped consumers, and even better news for retail stores across the nation.

The IRS came up with these average tax refund numbers based on the data from the more than 75 million tax returns filed so far this year.  The tax agency extrapolated from these numbers that total refunds will fall between $250 billion and $300 billion.
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So if you haven’t filed your 2010 tax return yet, what are you waiting for?  To get your refund quickly, the best way is to file electronically, using tax software such as Quicken Turbo Tax or H&R Block At Home, for those that don’t want to do it themselves.  The IRS says taxpayers filing electronically typically get their refund within 3 weeks compared to 6 weeks for those filing paper forms.

Tax refunds average $3000, add $300B to economy
The Associated Press, on Thu, 31 Mar 2011 12:40:00 -0700

Tax refund – Wikipedia, the free encyclopedia

tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. Taxpayers can often get a tax refund on their income tax 

Tax return (United States) – Wikipedia, the free encyclopedia

Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California 

Tax refund interception – Wikipedia, the free encyclopedia

tax refund interception is the act of an agency responsible for sending tax refunds using all or part of a refund to fulfill an obligation of the taxpayer 

Tax credit – Wikipedia, the free encyclopedia

In some systems tax credits are ‘refundable‘ to the extent they exceed the relevant taxTax systems may grant tax credits to businesses or individuals,