Taxes

Average 2021 tax refund up from past 3 years

The 2021 tax season was the “quintessential definition of a perfect storm” according to officials, but the total average refund from the returns processed so far is slightly higher than previous tax seasons.

IRS holding over 35M unprocessed tax returns as backlog swells

The IRS is facing more than 35 million unprocessed tax returns, delaying refunds for many low-income Americans as the agency struggles to adopt a slew of changes related to coronavirus relief efforts, a government watchdog said Wednesday.

Do I have to pay taxes on my savings account?

The interest you earn on the money in your savings account is considered taxable income in the year the interest was earned. The tax you pay is determined by your overall taxable income for that same year.