According to the IRS, the average refund for American taxpayers in 2025 was $3,052 and the IRS opened the tax filing season on Jan. 26. The good news is that this number is expected to increase by 15% to 20% on average in 2026, as reported by CNBC. If you’re waiting for your tax refund to make some financial moves, you want to ensure that you don’t make any mistakes that could cost you thousands of dollars. GOBankingRates consulted a tax accountant to learn about the filing mistake that could cost people ...

The U.S. economy is bracing for a substantial fiscal injection this tax season, with Bank of America Global Research analysts projecting a massive surge in tax refunds driven by the One Big Beautiful Bill Act (OBBBA). While the legislation is poised to give the economy a $65 billion shot in the arm compared with last year, analysts suggest the benefits will be unevenly distributed, potentially exacerbating the nation’s “K-shaped” economic divide. According to BofA Global Research, tax refunds in 2026 ar ...

Getting a $1,000 tax refund can feel like a small win. However, that refund may not be the bonus you think it is. In reality, it can be a sign that too much money was taken out of your paycheck throughout the year. In some cases, a larger refund could be the result of changes in tax law, new credits or shifts in income. But for most people, it happens because more federal income tax was withheld from their paycheck than they actually owed. Having more money than necessary withheld from your paycheck pro ...

KEY TAKEAWAYS Tax filing season has started, and to get a refund quickly, taxpayers need to submit their 2025 tax returns accurately, and typically, electronically. The "One Big Beautiful Bill" made changes to the tax code that will give many taxpayers larger refunds. These changes, along with major layoffs that affected the IRS in 2025, may delay some taxpayers' returns. The 2026 tax filing season officially started Tuesday, and you'll want to submit your tax return as soon as possible, without m ...

According to IRS data, the average tax refund was $3,151 for the 2025 tax filing season. A recent Piper Sandler analysis, shared by CBS News, projected that the average tax refund would increase by about $1,000 per person. This means that the average refund could reach $4,151. The IRS opened the 2025 tax season on Jan. 27, 2025, but has not yet announced when the 2026 season will open, as this information isn’t available until January. While you can’t file your 2025 taxes until the IRS announces the sched ...

As if figuring out taxes isn’t confusing enough, President Donald Trump’s One Big Beautiful Bill Act (OBBBA) may mean some significant changes for many taxpayers. On the positive side, it could mean you see a lower tax bill this season. “For the average American, the OBBBA will mean they pay less in taxes,” said Melanie Musson, finance expert with Quote.com. “Regardless of whether you argue that you should get more back or others get more than you, the fact is that most Americans are going to get more bac ...

Americans should take the next couple of weeks to get their tax documents in order if they want to be among the first to file their taxes (and get their refunds) when tax season opens on January 26, the IRS said. Americans have until April 15 to file their 2025 tax returns and pay any tax due, the IRS said. The agency expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically. One-third of Americans rely on their tax refund to make ends meet, ...

Economic Outlook - The administration anticipates the largest tax refund cycle in U.S. history, with significant refund checks expected for many Americans [1][2] - Families are projected to save between $11,000 and $20,000 annually due to tax changes [2] Wage Growth and Inflation - Real wages for typical workers are reportedly growing at a rate of about 2% to 2.5%, with a 3.7% increase in wages against a 1.6% core inflation rate [4] - Blue-collar workers have seen an estimated raise of nearly $2,000 this year after accounting for inflation [4] Economic Sentiment - Despite concerns from the public, with 44% feeling financially strained and 74% rating the economy poorly, the administration maintains a positive outlook on economic growth [4] - The administration's strategy focuses on increasing aggregate supply to exert downward pressure on prices, similar to trends observed during Trump's first term [6]

Economic Outlook - The U.S President predicts the "largest tax refund season of all time" next year [1]

Government Policy & Economic Impact - The US government is planning to distribute tax refund checks ranging from $1,000 to $2,000 to each American household [1]