Summary
Americans are expected to get larger tax refunds this year due to changes in tax laws under President Trump's Working Families Tax Cuts Act. The average refund might increase by $1,000 or more, with tax filing starting January 26. The IRS recommends using direct deposit to receive refunds quickly and securely.
Key Facts
- Americans may receive the largest tax refunds in history due to President Trump's tax changes.
- The new tax law changes are retroactive to the beginning of 2025.
- Economists project average refunds could be $3,800 to $4,200, up from $3,004 in 2023.
- Taxpayers can start filing 2025 tax returns on January 26, and the deadline is April 15.
- The IRS encourages direct deposit as it is faster and safer than paper checks.
- Approximately 93% of taxpayers filed electronically last year.
- About 75% of taxpayers typically receive a refund each year.
- Options exist for taxpayers without traditional bank accounts to receive electronic deposits.
