Higher refunds, major changes mark tax season as April 15 deadline approaches
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The US tax season is approaching with a deadline of April 15, and this year's filings are marked by higher refunds and major changes due to the Republican tax and spending cuts bill. The average refund is up by over 10% as of late March, with changes including a higher standard deduction, lower tax rates, and an expanded child tax credit.
The US tax season is underway with a deadline of April 15. This year's filings are marked by higher refunds and major changes due to the Republican tax and spending cuts bill. The IRS reports an average refund increase of over 10%. Key changes include a higher standard deduction, lower tax rates, and an expanded child tax credit. New tax breaks are available for seniors and those who work overtime or for tips. The standard deduction has increased to $31,500 for married couples and $15,750 for single filers.
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