Tax Refunds: How People Are Spending Their Money

0:00Here's more Durham news for March 12th. Tax refund season is heating up and the numbers live better than last year. The IRS has processed more refunds overall with higher individual amounts in a bigger total payout to taxpayers so far. Average refunds are up to, as early filers cash in. Meanwhile, banks like US Bank are seeing all kinds of uses for that extra money. People are splitting it between paying off high interest debt and padding their savings accounts. Some are dipping into investments, even with recent market shakes from global events. Folks seem split on the economy. What experts call a, K-shaped recovery. Lower income households are using refunds to clear by now pay later balances, which spiked this winter. Higher earners, though, are spending more or investing ahead. Early in the season, those expecting refunds file first and get their cash quick. Later, around April 15th, more people owe taxes, especially with interest income from higher rates.

1:00Gig workers with side hustles face bigger bills without proper estimates. Now is the perfect time to review your W-4 form with your employer. Adjust for new dependents or job changes to avoid overpaying or penalties next year. Button up estimated taxes if you have 1.9 income and set yourself up right. The daily news now is powered by our sponsor. It looks like a pillow. It sounds like headphones built for comfort and sound, S-O-L-I-S-O-L-Pillow.com.