Upcoming Tax Year 2025: Breakdown of Current Return Filing Data
Helluva Article:Trump laser-focuses on tax cuts as his top priority
Ben Domenech, The Spectator editor-at-large and Fox News pundit, shares his take as President Donald Trump zeroes in on passing tax cuts.
Figures from the Internal Revenue Service (IRS) show a boost in the typical tax refund received by taxpayers compared to the previous year.
The IRS's 2024 tax filing season data, up until the week ending April 25, indicates a 3.3% increase in the average tax refund amount to $2,945, up from $2,852. Despite the climb, the total amount refunded grew at a slower 2% pace, reaching $265 billion from $260 billion in 2023.
Interestingly, the total number of tax refunds issued by the IRS fell 1.3% for the current filing season, dipping from 91.3 million to 90.2 million during that period. 📉
"IRS revenue collections are more streamlined this year; returns are up more than 5%," the IRS reported, attributing the improvement to the organization's smart work practices. 📈
The IRS confirmed that direct deposit was the preferred method for the majority of refunds, with nearly 84.8 million out of 90.2 million refunds landing directly in taxpayers' accounts. Therefore, the percentage of direct deposits held steady, inching up by just 0.1%. 💳
Total tax returns received by the IRS edged up 0.9% from the prior year to over 142.5 million. The number of returns processed by the IRS climbed by 1.4% to surpass 140.2 million.
The division between self-prepared returns and those handled by tax professionals showed that over 73.5 million e-filed returns were submitted by tax professionals—a 1.7% increase from the previous year. Meanwhile, self-prepared returns rose by 0.9% to nearly 64.1 million. 📈
The IRS shared data with FOX Business last week, revealing a 1.5% increase in the total number of returns processed and a 5% rise in overall tax receipts compared to 2023.
"We're calibrating Treasury for efficiency again," declared Michael Faulkender, Deputy Treasury Secretary and Acting IRS Commissioner, to FOX Business. "It's not just empty talk. The data proves that the remarkable work we're doing ensures that the IRS works for the American people, not against them." 🤝
"Our objective now is to press Trump's tax reform plan through the finish line with the united assistance of both House and Senate Republicans. We'll keep putting more money back into the pockets of hard-working Americans," added Faulkender. 💸
Sources:1. IRS Data for 2024 Filing Season Through Week Ending April 252. IRS Data Shared with FOX Business Last Week3. IRS Report on 2024 Filing Season Efficiency4. State Tax Refund Variations in Previous Years
- The boost in the typical tax refund received by taxpayers compared to the previous year might be a result of Trump's focus on tax cuts.
- Interestingly, while IRS revenue collections are more streamlined this year, the total number of tax refunds issued by the IRS has decreased.
- Despite the decline in the total number of tax refunds, the IRS data for 2024 shows a 3.3% increase in the average tax refund amount.
- The IRS's smart work practices, such as Trump's tax reform plan, have contributed to the increase in overall tax receipts compared to 2023.
- The objective now is to press Trump's tax reform plan through the finish line with the united assistance of both House and Senate Republicans, aiming to put more money back into the pockets of hard-working Americans.
