According to recent reports, 62% of Amreicans expect
some sort of income tax refund. Be that via overpayment, refundable credits or other means, most American households expect and in some cases depend on an Income Tax refund this year.
With the uncertainty surrounding the current government shutdown, which President Trump has said he is prepared to keep closed for “months or even years”, expect shutdowns to numerous government funcions. Most importantly to many families: income tax refunds.
The average tax refund last year was over $2200. In lots of instances, families use this to save, make a major purchase or pay down debt.
Without an end in sight, that may be delayed this year.
The government has been locked in a stalemate since December 22nd of last year.
Nearly 90% of IRS employees are currently on furlough and are not working. With W-2’s set to arrive this month and noone at the IRS available to answer questions about new tax laws, expect delays even after the IRS begins accepting returns.