Average state income tax refunds up
MADISON, Wis. (AP) — The average amount of refund state income tax filers are receiving is up from last year.
The state Department of Revenue reported Tuesday that the average refund paid this year is $662. That compares to $636 last year.
More returns have been processed to date so far this year than last as well.
On the day before the Wednesday tax filing deadline, the state reported receiving just over 2.2 million tax returns. Last year at this time it had just shy of 2 million.
The department encouraged deadline pushers to file electronically. Those who do that can expect a return in about five business days, compared with several weeks for paper filers.
Apr 15, 2009 at 5:53 a.m.
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Many taxpayers say the only way they can save money is by taking out more withholding (dumb as that sounds)
Apr 15, 2009 at 12:58 a.m.
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Taxpayers should ALWAYS adjust their withholding so that they will have a tax refund or liability as close to $0 as possible. This may require a mid-year W-4 change. To expect a refund of $2000 (roughly the average) is the same as giving the government a $2000 no-interest loan. (Worse, people then use a refund anticipation loan at effective interest rates of as much as 500% to get their money a few days or weeks earlier.) In any case, using direct deposit is recommended.
Apr 14, 2009 at 3:38 p.m.
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Taxpayers may want to adjust the withholding for next year as some states in a financial trouble suspends refunds. California, Kansas,and N. Carolina are a few so far. Next yr may be WI. It's better to send the gov a check instead of overpaying then getting a refund a year later.
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