Tax Refunds, To Spend or To Save?


An estimated 155 million Americans are crunching the numbers, hoping they will benefit from a tax refund from the Internal Revenue Service.

Last year, the IRS handed out $111.9 million in refunds, with the average taxpayer getting back $2,895 to spend how they wished.

This year, 43 percent of Americans say they will opt to save their refunds instead of splurging on big ticket items or vacations, according to a report by GoBankingRates.

Federal taxes are due April 17th and most tax experts agree the fastest way to get cash back is to E-file with direct deposit.

On average, tax filers who decide to E-file can expect a refund within three weeks.  To check on possible incoming cash, visit the “Where’s My Refund” tool on the IRS website.