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More than 70 percent of the nation’s taxpayers received a tax refund averaging nearly $3,000 in 2018, according to the Internal Revenue Service, and it is anticipated they will get a similar amount this year. As Americans receive their refunds, the American Bankers Association has highlighted seven tips to help them use the money wisely.
“Prioritizing your tax refund to create an emergency fund and pay off debts first will help position you for financial comfort the rest of the year,” said Corey Carlisle, executive director of the ABA Foundation. “As those who have been affected by the federal government shutdown this year can attest, financial challenges can arise quickly and it's critical to have money set aside for those unexpected hardships.”
Carlisle highlighted recent changes to the tax code as a reason for consumers to file their returns as early as possible this year.
“There are a lot of new wrinkles to the tax code that may surprise people, so you’ll want to get a jump start on filing this year and then talk to your employer about adjusting your withholdings to calibrate them accordingly,” said Carlisle.To help consumers make the most out of their money, ABA has highlighted the following tips:
ABA also stressed the importance of lower-income workers filing a tax return—even if their income is too low to trigger any federal tax liability—in order to potentially claim the Earned Income Tax Credit (EITC). Depending on a recipient’s income, marital status and number of children, the EITC can result in a refund of up to $6,431 to help them ensure financial security.Source: American Bankers Association