Tax Refunds & Advice

Although the tax filing deadline for 2007 is still a week or so away, approximately 47 million taxpayers have already filed. According to the Internal Revenue Service, almost $107 billion in refunds have already been claimed. As you can imagine, there is plenty more to come as millions more rush to file before the deadline.

The average refund to this point is $2,708, as reported by the IRS. Although taxpayers receive the same refund no matter how they file, this year has been the most popular for the e-filing option. Of the almost 47 million who have already filed, 38 million have done so electronically. This is an increase of five percent over last year’s number at this time.

Although many use the e-filing method through their tax professional, there is a growing group who has decided to rely on this option when filing on their own. Approximately 12.3 million taxpayers have filed electronically from their home computer. When compared to last year, this is a 14 percent increase. What does this say? Simply put, those who are doing their own taxes are finding it simpler to use the internet to file as opposed to the old method of paper forms.

With April 15 closing in, more and more taxpayers will file as to avoid a penalty. As this happens, the number of refunds is sure to grow exponentially. If you have yet to file, get started right away. You do not want waste your refund money on late fees, do you?