If you’re one of nearly 126 million people expecting to receive an income tax refund next year (and that’s almost 75% of Americans), that’s probably the largest windfall you’ll receive all year. What will you do with that money? In 2020, the average refund was almost $3,000.
More than 65% of refund recipients said they planned to use their refund money paying down debt or spending it on everyday expenses; 15% planned to spend it on a major purchase, like a vacation or big-screen TV.
Understanding income tax brackets can be a difficult task for many taxpayers. But tax brackets are what determine how much taxable income taxpayers need to pay to the Internal Revenue Service each year. That’s why it’s important for everyone to learn about tax brackets, how they actually work, and which tax bracket they’re in, whether they’re married or single.
The $1.9 trillion COVID-19 relief package will provide tax credits to more than 36 million American families with children. If you’re one of those families, you’ll need to know
how the payments — which will total up $3,600 per child— may affect your tax return. You will want to consult with your tax advisor for the specific details of this tax credit for children under age 18.
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