Staff illustration, Getty Images/iStockphotoTax refunds by the numbers* $3,034 – Average tax refund this year, up 3 percent from a year ago* 84 – Percent of tax returns filed so far that have received a refund* 88 – Percent of refunds directly deposited into taxpayer accountsSource: Internal Revenue Service What Americans plan to do with tax refunds this year* 30 percent – Pay down debt* 28 percent – Save or invest it* 26 percent – Spend it on necessities* 7 percent – Splurge on a vacation or shopping spree* 9 percent – Something else or don’t knowSource: Survey by Bankrate.com
It’s tax refund time, which means people dressed like the Statue of Liberty stand alongside busy streets twirling signs to draw customers into tax preparation businesses that offer instant refunds for a fee.
Through the end of February, the average refund this year was $3,034, up 3 percent compared to the average refund amount for the same time last year. The Internal Revenue Service has issued more than 48 million tax refunds so far, up 5.6 percent from a year ago.
All that refund money flooding into the economy is good for many area businesses.
“It’s our busiest time of the year,” said Jason Wright, the manager of Wright’s Motor Co., a buy-here, pay-here used car lot that his family has operated since 1973 on Rossville Boulevard.