The 2014 Tax Season is Under Way!

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As of the first week of February, nearly 17 million taxpayers had their tax refund in their checking accounts. The average amount of that refund so far has been of $3,288 and is expected to be lower as tax filing deadline approaches because those who expect to get money back tend to file early.

The IRS has reported that there have been more tax returns filed electronically vs. the same time last year. That number stands at 960,000 would be even greater if the filing date wasn’t postponed due to the government shutdown late last year. So far the government has paid out close to $65 billion in total refunds.

Considering the fact that more than 95% of the returns currently filed were done electronically, the taxpayers appear to be confident in the electronic system capability to handle the process. Most of those filers (87%) opted to have their refunds deposited directly into their bank accounts. One other number may point that not only the taxpayers but also the government is better equipped to handle high volume of transactions and that is the number of total returns processed so far. Last year that number stood at 18,811,000 and this year at 26,945,000. Those 8,134,000 processed returns represent a 43.2% increase in work efficiency by our government.

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