Want some good economic news that might apply directly to you? Tax refunds are up!
In fact, on average, income tax refunds are up 10% from a year ago, due to tax credits included in the economic stimulus package according to IRS Commissioner Douglas Shulman. In 2010, the average tax refund was $3,036, up $266 from 2009, USA Today reports.
“The Recovery Act is a major factor behind these larger, record refunds,” Shulman said. “About half of all Americans haven’t filed their taxes yet, so we urge them to look carefully at these Recovery provisions.”
- A tax credit of $400 for workers and $800 for married couples.
- A $2,500 credit for qualified college expenses.
- A $8,000 tax credit of for first-time home buyers
- An increase to both the Earned Income Tax Credit and the Child Tax Credit.
- A tax break for unemployment benefits making for first $2,400 in unemployment benefits received tax-free.
Of course there is no sense in getting overly excited about your tax returns. They don’t mean that you won the lottery. Receiving a refund simply means that you overpaid the government and you are getting your own money back.
To help you properly determine your Recovery Act benefits, The White House is featuring a widget designed to allow taxpayers calculate their 2010 tax refund, at http://www.whitehouse.gov/recovery/tax-saving-tool.
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